TaxTMI 
TaxTMI 
No deduction of tax u/s 194 of the IT Act 1961 from any income in the nature of dividend paid by any unit of an International Financial Services Centre [engaged in the business of leasing of an aircraft]
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....e 20th July, 2023 INCOME TAX S.O. 3254(E).-- In exercise of the powers conferred by sub-section (1F) of section 197A read with clause (34B) of section 10 of the Income-tax Act, 1961 (43 of 1961) (hereinafter the Income-tax Act), the Central Government hereby specifies that no deduction of income tax shall be made under section 194 of the Income-tax Act from any income in the nature of dividend p....
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....nd income eligible for exemption under clause (34B) of section 10 of Income-tax Act is payable. (b) The payer shall, - (i) not deduct tax on payment made or credited to the recipient of such dividend (payee) after the date of receipt of copy of statement-cum-declaration in Form No. 1 from payee; and (ii) furnish the particulars of all the payments made to the recipient of such dividend on whi....
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.... to it in the Explanation to clause (4F) of section 10 of the Income-tax Act; (b) "International Financial Services Centre" shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005); and (c) "Unit" shall have the same meaning as assigned to it in clause (zc) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005). 3....
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....eclare that the abovementioned Unit continues to be a unit working in International Financial Services Centre and continues to be primarily engaged in the business of leasing of aircraft during the year…….. (relevant to Assessment Year ….…….) in which this statement-cum-declaration is being submitted. Verification I……………&hel....