TMI BlogCentral Government notifies that no deduction of tax shall be under the provisions of various section of the IT Act 1961X X X X Extracts X X X X X X X X Extracts X X X X ..... below in respect of the payments, as specified in column (3) of the said Table, made by any payer to a person being a Unit of International Financial Services Centre, (hereinafter referred as payee ), as specified in column (2) of the said Table:- List of payments receivable by a Unit of International Financial Services Centre (IFSC) TABLE Sl. No. International Financial Services Centre (IFSC Unit) (Payee) Nature of receipt Relevant TDS provisions as per Income-tax Act, 1961 (1) (2) (3) (4) 1. Banking Unit Interest income on External Commercial Borrowings /Loans Section 195 Professional fees Section 194J Referral fees Section 194H Brokerage income Section 194H Commission income on factoring and forfaiting services Section 194H 2. IFSC Insu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Market Intermediaries) Regulations, 2021 and the provisions of regulations 3, 5, 6 and regulation 7 of the said regulations shall apply to the International Financial Services Centre Unit specified against serial number 6 under column (2) of the above table; (c) Credit rating agency shall have the same meaning as assigned to it in clause (j) of sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021 and the provisions of regulations 3, 5, 6 and regulation 7 of the said regulations shall apply to the International Financial Services Centre Unit specified against serial number 10 under column (2) of the above table subject to registration of such credit r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall have the same meaning as assigned to it in sub-paragraph (i) of paragraph 2 of the International Financial Services Centres Authority s Circular, dated the 27th April, 2022 and paragraph 12 of the said circular shall apply to the International Financial Services Centre Unit specified against serial number 14 under column (2) of the above table; (i) Fund management entity shall have the same meaning as assigned to it in clause (p) of sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Fund Management) Regulations, 2022 and the provisions of regulations 3, 4 and regulation 5 of the said regulations shall apply to the International Financial Services Centre Unit specified against serial number 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regulation 2 of the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021 and the provisions of regulations 3, 5, 6 and regulation 7 of the said regulations shall apply to the International Financial Services Centre Unit specified against serial number 11 under column (2) of the above table; (o) Registered distributor shall have the same meaning as assigned to it in clause (dda) of sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021 and the provisions of regulations 3, 5, 6 and regulation 7 of the said regulations shall apply to the International Financial Services Centre Unit specified against serial num ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... levant to the ten consecutive assessment years for which the payee opts for claiming deduction under sub-sections (1A) and (2) of section 80LA of the Income-tax Act ; and (ii) such statement-cum-declaration shall be furnished and verified in the manner prescribed in Form No. 1, for each previous year relevant to the ten consecutive assessment years for which the payee opts for claiming deduction under sub-sections (1A) and (2) of section 80LA of the Income-tax Act. (b) The payer shall (i) not deduct tax on payment made or credited to payee after the date of receipt of copy of statement- cum-declaration in Form No. 1 from the payee ; and (ii) also furnish the particulars of all the payments made to payee on which tax has not been deducted in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, 1992 (15 of 1992) or permission or registration under the International Financial Services Centres Authority Act, 2019 ( 50 of 2019 ) or any other relevant law, as mentioned in sub-section (1A) of section 80LA of the Income-tax Act, 1961: Statement-cum-Declaration I ........................................ son/daughter of..................................... in capacity ................................................. , do hereby declare that the above-mentioned Unit is engaged in the business of and is eligible for deduction under sub-section (1A) and sub-section (2) of section 80LA of the Income-tax Act, 1961. I further declare that the above-mentioned International Financial Services Centre Unit has opted to claim the said deduction ..... X X X X Extracts X X X X X X X X Extracts X X X X
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