Notification No. 115/2024
Notification Date: 16th October 2024
Relevant Act / Rule: Income Tax Act, 1961
Relevant Section/Rule: Section 206C(1F)
The notification specifies that no Tax Collected at Source (TCS) will be collected under sub-section (1F) of section 206C on any payment received from the Reserve Bank of India (RBI).
1. No TCS on Payments from RBI: This means that when payments are made by the RBI, TCS, which is otherwise applicable under section 206C(1F), will not be collected.
2. Effective: The notification comes into effect from the date it is published in the Official Gazette, which is 16th October 2024.
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