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of <h1>Section 94A: Tax Rules for Transactions with Notified Jurisdictional Areas; 30% TDS and Strict Documentation Needed</h1> Section 94A of the Income Tax Act addresses transactions with persons in Notified Jurisdictional Areas (NJAs), which are regions lacking effective information exchange with India. Transactions with NJA residents are treated as international transactions, requiring detailed documentation and authorization for deductions. Payments to NJA financial institutions are non-deductible without proper authorization. Assessees must maintain extensive records, including ownership structures and business profiles, for eight years. Unexplained sums from NJAs are deemed income, and payments to NJAs are subject to a 30% TDS rate. Cyprus was removed from the NJA list in 2017.
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