TaxTMI 
TaxTMI 
Central Government notifies that no deduction of tax shall be under the provisions of various section of the IT Act 1961
X X X X Extracts X X X X
X X X X Extracts X X X X
.... column (3) of the said Table, made by any "payer" to a person, being a Unit in an International Financial Services Centre (hereinafter referred as "payee") as specified in column (2) of the said Table. TABLE Sl. No. International Financial Services Centre (IFSC Unit) (Payee) Nature of receipt (Payment) Relevant provisions relating to deduction of Tax at source under Income tax Act (1) (2) (3) (4) 1. BATF Service Provider Professional or Consulting or Advisory fees 194J 2. Broker- Dealers Payment made by Recognised Stock Exchanges 194J Commission Incentives 194H or 194C 3. Finance Company Interest on account of lease 194A Freight....
X X X X Extracts X X X X
X X X X Extracts X X X X
....of regulation 2 of the International Financial Services Centres Authority (Finance Company) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019); (d) "fund management entity" shall have the same meaning as assigned to it in clause (p) of sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Fund Management) Regulations, 2022 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019); (e) "recognised clearing corporation" shall have the same meaning as assigned to it in clause (n) of sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Market Infrastructure Institutions) Regula....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ax Act; and (ii) such statement-cum-declaration shall be furnished and verified in the manner specified in Form No. 1, for each previous year relevant to the ten consecutive assessment years for which the payee opts for claiming deduction under the said sub-sections; (b) the payer shall - (i) not deduct tax on payment made or credited to the payee, after the date of receipt of copy of statement- cum-declaration in Form No. 1 from the payee; and (ii) also furnish the particulars of all the payments made to the payee on which tax has not been deducted in view of this notification in the statement of deduction of tax referred to in sub-section (3) of section 200 of the Income-tax Act read with rule 31A of the Income-tax Rules, 1962. 3. Th....