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Taxation Central Ministry of Finance Income Tax Act, 1961

CBDT (Income Tax) issues a notification exempting TDS on the purchase of goods from an IFSC (International Financial Services Centre)

02-Jan-2025 | Notification

CBDT (Income Tax) has issued a notification exempting TDS on the purchase of goods from an IFSC (International Financial Services Centre), effective from 01st January, 2025.

By virtue of notification:

- To avail of this exemption, the seller must furnish a statement-cum-declaration in Form No. 1 to the buyer, opting to claim a deduction under Section 80LA of the Income Tax Act. Additionally, the buyer must not deduct any tax on payments made to the seller and must furnish all particulars related to the non-deduction of tax.

For more information, please refer to the specified document.

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