https://www.taxtmi.com/notifications?id=142967 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. en-us Thu, 02 Jan 2025 00:00:00 +0530 Fri, 03 Jan 2025 10:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=142967 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. Notifications Income Tax Thu, 02 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/notifications?id=142967