29B Application for certificate authorising receipt of interest and other sums without deduction of tax

(i) where the person concerned is a banking company which is neither an Indian company nor a company which has made the prescribed arrangements for the declaration and payment of divi­dends within India, and which carries on operations in India through a branch, any income by way of interest, not being "interest on securities", or any other sum, not being dividends;

(ii) in the case of any other person who carries on a busi­ness or profession in India through a branch, any sum, not being interest or dividends,

in so far as such interest or other sum is receivable by such branch on its own account and not on behalf of its head office or any branch situated outside India, or any other person.

(i) the person concerned has been regularly assessed to income-tax in India and has furnished the returns of income for all assessment years for which such returns became due on or before the date on which the application under sub-rule (1) is made;

(ii) he is not in default or deemed to be in default in respect of any tax (including advance tax and tax payable under section 140A), interest, penalty, fine, or any other sum payable under the Act;

(iii) {Omitted};

(iv) where the person concerned is not a banking company referred to in clause (i) of sub-rule (1)-

       (a) he has been carrying on business or profession in India continuously for a period of not less than five years immediately preceding the date of the application, and

       (b) the value of the fixed assets in India of such business or profession as shown in his books for the previous year which ended immediately before the date of the application or, where the accounts in respect of such previous year have not been made up before the said date, the previous year immediately preceding that year, exceeds fifty lakhs of rupees.