Form 10F needs to be submitted to the Company containing the following details as per the specified format:

1. Name of the assessee;

2. Status (individual, company, firm etc.) of the assessee;

3. Permanent Account Number (PAN) of the assessee if allotted

4. Nationality (in case of individual);

5. Country or specified territory of incorporation or registration (in case of person other than individual);

6. Assessee’s Tax Identification Number in the country or specified territory of residence or in case of no such number, then, a unique number on the basis of which the person is identified by the Government of the country or the specified territory;

7. Residential status for the purposes of tax;

8. Period for which the certificate is valid; and

9. Address of the applicant in the country or specified territory outside India, for the period for which the certificate is valid.

Note: - As per notification no. 03/2022 issued by the Central Board of Direct Tax (CBDT) mandates furnishing of Form 10F electronically for obtaining benefits of DTAA from 1st October 2023.

Is Tax deducted at source (TDS) deducted from insurance benefits for policies issued to NRI?

As per section 195 of the Act, TDS is deducted for any policy benefit that is not exempted under Section 10(10D). TDS will be applicable on the policy payouts for annuity policies under Section 195 of the Act. However, no TDS is deducted for NRIs residing in countries that are subject to Double Taxation Avoidance Agreement (DTAA) benefit, and where the policyholder has submitted a duly-filled Form 10F along with valid Tax Residency Certificate (TRC) to the Company before payment.