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TMI BlogTax Collection at Source (TCS) - Unit of International Financial Services Centre shall not be considered as ‘buyer’ for the purposes of sub-section (1H) of section 206C of the IT Act 1961X X X X Extracts X X X X X X X X Extracts X X X X ..... In exercise of the powers conferred by clause (a) of the Explanation to sub-section (1H) of section 206C of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), the Central Government hereby specifies that a Unit of International Financial Services Centre shall not be considered as buyer for the purposes of the said sub-section in respect of purchase of goods from a sel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the date of receipt of copy of statement-cum-declaration in the said Form from the buyer; and (ii) furnish the particulars of all the payments received from the buyer on which tax has not been collected in pursuance of this notification in the statement of collection of tax referred to in sub-section (3) of section 206C of the said Act read with rule 31AA of the Income-tax Rules, 1962. 2. The r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (ii) "seller" shall have the same meaning as assigned to it in clause (b) of the Explanation to sub-section (1H) of section 206C of the said Act; and (iii) "Unit" shall have the same meaning as assigned to it in clause (zc) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005). 4. The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1) of section 23 of the Banking Regulation Act, 1949 (10 of 1949) or permission or registration under the Securities and Exchange Board of India Act, 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 for the time being in force, as mentioned in sub-section (1A) of section 80LA of the Income- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cial Services Centre and continues to be engaged in the business of ………… during the year ……………… (relevant to Assessment Year ………..….) in which this statement-cum- declaration is being submitted. Verification I………………….son/daughter of ……&h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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