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Type of Document: Notification
Notification Date: 06-01-2025
Notification No.: S.O. 99(E)
Relevant Act/Rule: Income-tax Act, 1961
Relevant Section(s)/Rule(s): Section 206C(1H), Section 80LA
This notification specifies conditions for a Unit of International Financial Services Centre (IFSC) to be considered a non-buyer for tax purposes under Section 206C of the Income-tax Act for purchasing goods. The conditions include furnishing a statement-cum-declaration by the buyer to the seller in Form No. 1A, giving details of previous years relevant to the ten consecutive assessment years for which the buyer opts for claiming deduction under sub-sections (1A) and (2) of section 80LA of the said Act. Additionally, sellers are required to not collect tax on payments after receiving the statement-cum-declaration from the buyer. This relaxation applies to the relevant assessment years for which deductions under section 80LA are claimed.
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