PTC India Financial Services Ltd receives IT certificate for deduction of lower withholding tax

PTC India Financial Services Limited (PFS) has announced that the Income Tax Department has processed the request of the company and provided a certificate u/s 197 of Income Tax Act for deduction of lower withholding tax @ 3.70% (current rate is 7.50%) on interest payments to PFS by its various borrowers as mentioned in the certificate. This certificate is valid from 21st October 2020 till 31st March 2021 and will result more liquidity to the company. It would further help the company in having lower borrowing cost to the extent proportionate interest on amount available / would be available due to reduction in lower withholding tax.

Shares of PTC INDIA FINANCIAL SERVICES LTD. was last trading in BSE at Rs.18.1 as compared to the previous close of Rs. 18. The total number of shares traded during the day was 51190 in over 124 trades.

The stock hit an intraday high of Rs. 18.25 and intraday low of 17.85. The net turnover during the day was Rs. 921870.

Source : Equity Bulls

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