IT Department has notified that a Unit of International Financial Services Centre shall not be considered as buyer for the purposes of the sec 206C(1H).
CA Pratibha Goyal | Jan 7, 2025 |
No TCS u/s 206C(1H) if goods sold to International Financial Services Centre
Income Tax Department vide notification number 6/2025 dated 6th January 2025 has notified that a Unit of International Financial Services Centre shall not be considered as buyer for the purposes of the section 206C(1H). This means, No TCS u/s 206C(1H) will be applicable if goods are sold to International Financial Services Centre.
The buyer shall furnish a verified statement-cum-declaration in Form No. 1A to avail the exemption.
Recently Central Board of Indirect Taxes (CBDT) has also notified that there will be no TDS u/s 194Q if goods are purchased from the Unit of International Financial Services Centre.
Both notifications are applicable from the 1st day of January 2025.
For Official Notification Download PDF Given Below:
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