{"id":316939,"date":"2024-03-14T12:00:06","date_gmt":"2024-03-14T06:30:06","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=316939"},"modified":"2024-03-14T11:56:16","modified_gmt":"2024-03-14T06:26:16","slug":"cbdt-issues-notification-exempting-some-services-from-paying-tax-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/03\/14\/cbdt-issues-notification-exempting-some-services-from-paying-tax-legal-news\/","title":{"rendered":"CBDT exempts TDS for IFSC Units"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 7-3-2024, the Central Board of Direct Taxes issued a notification declaring that no deduction of tax will be made under the provisions of <a href=\"http:\/\/www.scconline.com\/DocumentLink\/7VAV83wS\" target=\"_blank\" rel=\"noopener\">Income Tax Act, 1961<\/a> in respect of the payments of certain nature of receipts of International Financial Services Centre (&#8216;IFSC&#8217;) made by any payer to a person being a Unit of IFSC. The provisions will come into force on 1-4-2024.<\/p>\n<p style=\"font-weight: bold;\">Key Points:<\/p>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p style=\"font-weight: bold;\">Exempted Nature of Receipts from Payment of taxes:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p style=\"font-weight: bold;\">Banking Unit-<\/p>\n<p style=\"margin-left: 18pt; text-indent: -18pt;\">&#10003; Interest income on External Commercial Borrowings \/Loans<\/p>\n<p style=\"margin-left: 18pt; text-indent: -18pt;\">&#10003; Professional fees<\/p>\n<p style=\"margin-left: 18pt; text-indent: -18pt;\">&#10003; Referral fees<\/p>\n<p style=\"margin-left: 18pt; text-indent: -18pt;\">&#10003; Brokerage income<\/p>\n<p style=\"margin-left: 18pt; text-indent: -18pt; margin-bottom: 2%;\">&#10003; Commission income on factoring and forfaiting services<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">IFSC Insurance Intermediary office-<\/span> Insurance commission<\/p>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Finance Company-<\/p>\n<p style=\"margin-left: 18pt; text-indent: -18pt;\">&#10003; Interest income on External Commercial Borrowings \/Loans<\/p>\n<p style=\"margin-left: 18pt; text-indent: -18pt;\">&#10003; Dividend income<\/p>\n<p style=\"margin-left: 18pt; text-indent: -18pt; margin-bottom: 2%;\">&#10003; Commission income on factoring and forfaiting services<\/p>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Finance Unit-<\/p>\n<p style=\"margin-left: 18pt; text-indent: -18pt;\">&#10003; Interest income on External Commercial Borrowings \/Loans<\/p>\n<p style=\"margin-left: 18pt; text-indent: -18pt;\">&#10003; Dividend income<\/p>\n<p style=\"margin-left: 18pt; text-indent: -18pt; margin-bottom: 2%;\">&#10003; Commission income on factoring and forfaiting services<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Fund Management entity-<\/span> Professional fee<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Broker Dealer-<\/span> Dividend<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Investment advisor-<\/span> Investment advisory fee<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Registered Distributor-<\/span> Distribution fee and Commission fee<\/p>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Custodian-<\/p>\n<p style=\"margin-left: 18pt; text-indent: -18pt;\">&#10003; Professional fee<\/p>\n<p style=\"margin-left: 18pt; text-indent: -18pt; margin-bottom: 2%;\">&#10003; Commission fee<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Credit rating agency-<\/span> Credit rating fee<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Investment banker-<\/span> Investment banker fee<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Debenture trustee-<\/span> Trusteeship fee<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">International Trade Finance Service<\/span> or &#8220;ITFS&#8221;- Commission income<\/p>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">FinTech Entity-<\/p>\n<p style=\"margin-left: 18pt; text-indent: -18pt;\">&#10003; Technical fee\/Professional fee<\/p>\n<p style=\"margin-left: 18pt; text-indent: -18pt; margin-bottom: 2%;\">&#10003; Commission income<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>The following will be the <span style=\"font-weight: bold;\">services qualifying under this notification<\/span>:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>IFSC Authority (Banking) Regulations, 2020;<\/p>\n<\/li>\n<li>\n<p>IFSC Authority (Insurance Intermediary) Regulations, 2021;<\/p>\n<\/li>\n<li>\n<p>IFSC Authority (Finance Company) Regulations, 2021;<\/p>\n<\/li>\n<li>\n<p>IFSC Authority (Fund Management) Regulations, 2022;<\/p>\n<\/li>\n<li>\n<p>IFSC Authority (Capital Market Intermediaries) Regulations, 2021;<\/p>\n<\/li>\n<li>\n<p>IFSC Circular dated the 9-7-2021;<\/p>\n<\/li>\n<li>\n<p>IFSC Circular dated 27-4-2022.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Conditions to be followed for the provisions to be exercised:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Payee will have to furnish a statement-cum-declaration in Form No. 1 to the Payer giving details of previous years relevant to the 10 consecutive assessment years for which the Payee opts for claiming deduction under Section 80LA sub-sections (1A) and (2) of the Income-tax Act.<\/p>\n<\/li>\n<li>\n<p>Payer will not deduct tax on payment made or credited to payee after the receipt of copy of statement-cum-declaration.<\/p>\n<\/li>\n<li>\n<p style=\"margin-bottom: 3%;\">The relaxation will be available to payee only during the relevant previous years up to 10 consecutive assessment years.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">The provisions will come into force on 1-4-2024.<\/p>\n","protected":false},"author":67515,"featured_media":316943,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[29414,15151,2592,39219,2824,66364],"class_list":["post-316939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-cbdt","tag-central-board-of-direct-taxes","tag-Income_Tax","tag-international-financial-services-centre","tag-Ministry_of_Finance","tag-notax-deductions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Exemption from tax deduction | SCC Times<\/title>\n<meta name=\"description\" content=\"CBDT issued notification declaring that no deduction of tax will be made under the provisions of 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notifies exemption of TDS on rent of \u2018aircraft\u2019 leased out by IFSC units on certain conditions","author":"Editor","date":"June 18, 2022","format":false,"excerpt":"On 16th June, 2022, the Central Board of Direct Taxes (CBDT) has exempted TDS on lease rentals under Section 194-I of Income Tax Act, 1961 paid to Aircraft Leasing Units vide notification no. 65\/2022\/F. No. 275\/30\/2019-IT(B). This will come into force on July 1, 2022.Exemption is applicable on following conditions:\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/CBDT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/CBDT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/CBDT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/CBDT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/CBDT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":236525,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/09\/30\/taxation-other-laws-relaxation-and-amendment-of-certain-provisions-act-2020-faceless-jurisdiction-of-income-tax-authorities\/","url_meta":{"origin":316939,"position":1},"title":"Taxation &#038; Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 | Faceless jurisdiction of income-tax authorities [Key Features]","author":"Bhumika Indulia","date":"September 30, 2020","format":false,"excerpt":"President gave assent to the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 on 29-09-2020. The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (Ord. 2 of 2020) was promulgated on\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":258413,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/13\/cbdt-notifies-conditions-for-exemption-of-income-accrued-by-non-resident-as-a-result-of-transfer-of-non-deliverable-forward-contracts-vide-income-tax-33rd-amendment-rules-2021\/","url_meta":{"origin":316939,"position":2},"title":"CBDT notifies conditions for exemption of income accrued by non-resident as a result of transfer of non-deliverable forward contracts vide Income-tax (33rd Amendment) Rules, 2021","author":"Bhumika Indulia","date":"December 13, 2021","format":false,"excerpt":"The Central Board of Direct taxes notified Income-tax (33rd Amendment) Rules, 2021 further to amend the Income-tax Rules,1962. \u00a0 Key features: In the Income-tax Rules, 1962, the following rule shall be inserted, namely:\u2014 \u201c21AK. Conditions for the purpose of clause (4E) of section 10: (1) The income accrued or arisen\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":96141,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/01\/02\/central-board-of-direct-taxes-signs-2-advance-pricing-agreements\/","url_meta":{"origin":316939,"position":3},"title":"Central Board of Direct Taxes signs 2  Advance Pricing Agreements","author":"Saba","date":"January 2, 2017","format":false,"excerpt":"The Central Board of Direct Taxes (CBDT) has closed the year 2016 by entering into two more unilateral Advance Pricing Agreements (APAs).\u00a0The APA Scheme was introduced in the Income Tax Act in 2012 and the \u201cRollback\u201d provisions were introduced in 2014. The scheme endeavours to provide certainty to taxpayers in\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":193774,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/03\/05\/cbdt-achieves-important-milestone-200-apas\/","url_meta":{"origin":316939,"position":4},"title":"CBDT achieves important milestone of 200 APAs","author":"Saba","date":"March 5, 2018","format":false,"excerpt":"The Central Board of Direct Taxes (CBDT) entered into seven more Advance Pricing Agreements (APAs) during the month of February, 2018. All the seven are Unilateral APAs. With the signing of these Agreements, CBDT has crossed an important milestone of having signed 200 APAs. The total number of APAs entered\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":266261,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/05\/01\/legislations-monthly-roundup-april-2022\/","url_meta":{"origin":316939,"position":5},"title":"Legislations | Monthly RoundUp [April, 2022]","author":"Bhumika Indulia","date":"May 1, 2022","format":false,"excerpt":"MINISTRY OF AYUSH Drugs (4th Amendment) Rules, 2022 On April 04, 2022, the Central Government has notified the Drugs (4th Amendment) Rules, 2022 to further amend the Drugs Rules, 1945. This has come into force on April 4, 2022. READ MORE HERE MINISTRY OF CORPORATE AFFAIRS Nidhi (Amendment) Rules, 2022\u2026","rel":"","context":"In &quot;Legal RoundUp&quot;","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/316939","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67515"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=316939"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/316939\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/316943"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=316939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=316939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=316939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}