Dear Members, Forwarding an important message from Mr. N.V. Sathyanarayan, CMD, Informatics India.
________________________________
From: Sathyanarayana NV
Sent: 04 March 2021 13:06
To: Francis Jayakanth
Subject: Good news for Libraries - No TDS on e-resources henceforth - Supreme Court Final Judgement
External Email
Dear LIS Professionals
In a judgement dated 2nd March 2021, the Supreme Court of India has ruled that buyers of software products/services and all such copyrighted materials (which will include e-Content such as databases, e-books and e-Journals, etc.) need not deduct TDS.
As most of you may be aware, in the budget of 2011-12, the Indian Government had amended Section 9(1) (vi) of Income Tax Act leading to deduction tax at source (TDS) for all copyrighted digital material by –
(a) the institutional buyers while paying for the purchase or subscription to e-resources like e-books and e-journals.
(b) the agents/distributors while paying to their publishers for such e-resources.
This had caused severe hardship to both libraries and distributors/agents, particularly on import of e-resources. Due to this unfortunate situation our Company (Informatics) had to stop taking orders for the purchase of or subscription to e-resource from foreign suppliers as most of the foreign publishers were reluctant to let us apply TDS as per the amended Indian Government’s laws beginning 2012. From now on this bad law will be a history.
For recent news on this judgement please visit: https://www.timesnownews.com/business-economy/companies/article/payments-mad...
Copy of this 226-page judgement is available for download at: https://itatonline.org/archives/wp-content/uploads/Engineering-Analysis-Soft...
N. V. Sathyanarayana
| Chairman & Managing Director | Informatics India Ltd. | Bangalore 560004 |INDIA |
| www.informaticsglobal.comhttp://www.informaticsglobal.com |
