52A. (1) Where any payment is to be made by a specified person to a resident on account of royalties, franchise, or the fee for using license, brand name, patent, invention, formula, process, method, design, pattern, knowhow, copyright, trademark, trade name, literary or musical or artistic composition, survey, study, forecast, estimate, customer list or any other intangibles, the person responsible for making the payment shall, at the time of making payment, deduct income tax at the rate specified below-

Provided that the rate of tax shall be fifty percent (50%) higher if the payee does not have a twelve-digit Taxpayer’s Identification Number at the time of making the payment.

(2) In this section-

(a) “specified person” shall have the same meaning as in clause (a) of sub section (2) of section 52;

(b) “contract” includes a sub-contract, any subsequent contract, an agreement or an arrangement, whether written or not;

(c) “base amount” means the higher of the -

(i) contract value; or

(ii) bill or invoice amount; or

(iii) payment;

(d) “payment” includes a transfer, a credit or an adjustment of payment ¹[or an order or instruction of making payment].