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of <h1>No TDS Required u/s 194Q for Payments to IFSC Units; Conditions Apply from January 1, 2025.</h1> The Central Government has issued a notification stating that no tax deduction at source will be required under section 194Q of the Income-tax Act, 1961, for payments made by buyers to sellers who are Units of an International Financial Services Centre (IFSC), subject to specific conditions. The seller must provide a verified statement-cum-declaration in the prescribed format for ten consecutive assessment years, as per section 80LA. Buyers must not deduct tax after receiving this declaration and must report payments in their tax statements. This exemption applies only during the specified assessment years, and the notification is effective from January 1, 2025.
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