Clarification in relation to notification issued under clause (v) of proviso to section 194N of the Income-tax Act, 1961 (the Act) prior to its amendment by Finance Act, 2020 (FA, 2020)

Clarification in relation to notification issued under clause (v) of proviso to section 194N of the Income-tax Act, 1961 (the Act) prior to its amendment by Finance Act, 2020 (FA, 2020) https://www.taxtmi.com/circulars?id=64183 Three pre-amendment notifications exempted specified entities-cash replenishment agencies and WLATMO franchisees for ATM cash replenishment; APMC commission agents/traders registered under state APMC laws; and authorised dealers/FFMCs and their agents for specified foreign exchange purchases and remittance disbursements-from TDS under section 194N subject to conditions. Following amendment, the proviso became the fourth proviso; the Board clarifies that the three notifications shall be deemed issued under the fourth proviso and the exemptions continue to be subject to their stated conditions. en-us Mon, 20 Jul 2020 00:00:00 +0530 Mon, 20 Jul 2020 19:32:00 +0530 TaxTMI RSS Generator Clarification in relation to notification issued under clause (v) of proviso to section 194N of the Income-tax Act, 1961 (the Act) prior to its amendment by Finance Act, 2020 (FA, 2020) https://www.taxtmi.com/circulars?id=64183 Three pre-amendment notifications exempted specified entities-cash replenishment agencies and WLATMO franchisees for ATM cash replenishment; APMC commission agents/traders registered under state APMC laws; and authorised dealers/FFMCs and their agents for specified foreign exchange purchases and remittance disbursements-from TDS under section 194N subject to conditions. Following amendment, the proviso became the fourth proviso; the Board clarifies that the three notifications shall be deemed issued under the fourth proviso and the exemptions continue to be subject to their stated conditions. Circulars Income Tax Mon, 20 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/circulars?id=64183