Central Government notifies that no deduction of tax shall be under the provisions of various section of the IT Act 1961

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....le below, in respect of the payments as specified in 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....

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....tres Authority Act, 2019 (50 of 2019); (b) "broker dealer" shall have the same meaning as assigned to it in clause (g) of sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019); (c) "finance Company" shall have the same meaning as assigned to it in clause (e) of sub-regulation (1) 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 clau....

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....and (d) to the Explanation under sub-section (3) of section 80LA of the Income-tax Act. (2) The relaxation provided in this notification shall be subject to the following conditions, namely: - (a) the payee shall - (i) furnish a statement-cum-declaration in Form No. 1 to the payer, giving details of previous years relevant to the ten consecutive assessment years for which the payee opts for claiming deduction under sub-sections (1A) and (2) of section 80LA of the Income-tax 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-sect....