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        Income Tax

        A Unit of International Financial Services Centre shall not be...

        IFSC Units Exempt from TCS as 'Buyers' Under Income Tax Act if Opting for Section 80LA Deduction with Form 1A.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                A Unit of International Financial Services Centre shall not be considered as 'buyer' for TCS u/s 206C(1H) of the Income Tax Act, 1961, subject to conditions - the buyer furnishes Form 1A declaration for 10 consecutive years opted for section 80LA deduction; the seller doesn't collect TCS after receiving Form 1A and reports such receipts. The relaxation is available only for 10 years declared in Form 1A for section 80LA deduction. Definitions of buyer, seller, IFSC, and Unit are provided. DGIT(Systems) to prescribe procedures and formats. Effective from 1st January 2025.
                                Note: It is a system-generated summary and is for quick reference only.
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