TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Notifications
of of All Notifications
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>IFSC Units Exempt from 'Buyer' Status Under IT Act Section 206C, Effective January 2025 with Form No. 1A Compliance.</h1> A recent notification from the Ministry of Finance specifies that a Unit of an International Financial Services Centre (IFSC) will not be regarded as a 'buyer' under sub-section (1H) of section 206C of the Income-tax Act, 1961. This exemption applies to goods purchased from a seller, contingent on the buyer submitting a verified statement-cum-declaration in Form No. 1A for ten consecutive assessment years. The seller must not collect tax on payments received after obtaining this form and must report such payments. This notification, effective January 1, 2025, outlines the roles of both the buyer and seller within the framework of the Income-tax Act and Special Economic Zones Act.
TaxTMI 
TaxTMI 
