No TCS u/s 206C(1H) if goods sold to International Financial Services Centre:

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).

Goods sold to IFSC then no TCS under Section 206C(1H) will apply

CA Pratibha Goyal

Jan 7, 2025

Last update on 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:

About Author

CA Pratibha Goyal

Co Founder

CA Pratibha Goyal is Chartered Accountant qualified in 2016, is a Member of The Institute of Chartered Accountants of India having wide experience in the field of Auditing, Taxation, ROC, GST and Secretarial matters etc. She has written over a thousand articles & has made several videos on topics related to Auditing & Taxation. As a Speaker she has delivered various sessions on various branches of NIRC of ICAI.