Central Government notifies that no deduction of tax shall be made on the payment under section 194Q of the IT Act 1961

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), the Central Government hereby specifies that no deduction of tax shall be made under the provisions of section 194Q of the said Act by a person, being a buyer, in respect of purchase of goods from a Unit of International Financial Services Centre, being a seller,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....seller opts for claiming deduction under sub-sections (1A) and (2) of section 80LA of the said Act; (b) the buyer shall - (i) not deduct tax on payment made or credited to the seller after the date of receipt of copy of the statement- cum-declaration in the said Form from the seller; and (ii) furnish the particulars of all the payments made to the seller on which tax has not b....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....0LA of the said Act; and (b) the expressions- (i) "buyer" shall have the same meaning as assigned to it in the Explanation to sub-section (1) of section 194Q of the said Act; (ii) "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 (iii) "Unit....