No tax deduction under section 194Q for purchases from IFSC Units where seller files verified declaration; buyer must report. No tax is to be deducted by a buyer under the purchase-linked withholding provision on payments to an IFSC Unit seller if the seller furnishes and verifies the prescribed Form No. 1 declaring the ten consecutive assessment years for which it opts for deduction under the relevant incentive provision. After receipt of the verified declaration the buyer shall not deduct tax for those years and must report all such payments in the statutory TDS statement; the relief is limited to the declared years. Systems procedures and security standards will be prescribed, effective 1 January 2025.