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New WHT provisions have been introduced by Section 206AA of the Indian Income-Tax Act 1961 (the "ITA"), which came into effect on 1 April 2010. Under this section, any person receiving any amount from which tax is deductible under the ITA must furnish a Permanent Account Number (a "PAN") to the person responsible for deducting such tax. Failure to do so will result in the payer being required to withhold tax at the higher of (a) the applicable rate (as prescribed under the ITA or any applicable double tax treaty ("DTT")) and (b) 20%. This briefing highlights key issues for parties involved in India-related aircraft lease financings and considers practical examples where a DTT or other exemption may apply to reduce or exempt any WHT on payments under the structure.

Clifford Chance:

Ranbir Hunjan

Marisa Chan

AZB & Partners:

Ajay Bahl

Ravi Prakash

Abhinav Ashwin

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