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of <h1>Govt Exempts IFSC Units from Tax Deduction on Certain Payments for 10 Years, Effective April 1, 2024.</h1> The Central Government has issued a notification exempting certain payments made to Units of International Financial Services Centres (IFSC) from tax deduction under the Income-tax Act, 1961. This applies to various types of income such as interest, professional fees, and commissions received by IFSC units, including banking, finance, insurance, and fintech entities. The exemption is valid for ten consecutive assessment years, subject to the submission of a statement-cum-declaration by the payee. The notification specifies the relevant sections of the Income-tax Act and outlines conditions for compliance, effective from April 1, 2024.
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