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of <h1>Section 94A: New Rules for Transactions with Notified Jurisdictions, Effective June 2011, Impacting Tax Deductions and Income Reporting.</h1> Section 94A introduces special measures for transactions involving persons in notified jurisdictional areas, effective June 1, 2011. The Central Government can designate countries or territories with inadequate information exchange as notified areas. Transactions with parties in these areas are treated as international transactions, subject to specific tax provisions. Deductions for payments to financial institutions in these areas require authorization for information exchange. If an assessee receives funds from such areas without satisfactory explanation, the amount is deemed income. Tax deductions on payments to these areas are at the highest applicable rates. Definitions for key terms are provided within the section.
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