9911796707
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 ..... w 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 factorin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Regulations, 2020; (b) "Broker dealer" shall have the same meaning as assigned to it in clause (g) 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 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 regu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inance Unit" shall have the same meaning as assigned to it in clause (f) of sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Finance Company) Regulations, 2021; (h) "FinTech Entity" 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lations shall apply to the International Financial Services Centre Unit specified against serial number 7 under column (2) of the above table; (n) "Investment banker" shall have the same meaning as assigned to it in clause (u) 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 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 Fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion or circular of International Financial Services Centres Authority. 2.1 The above provisions are subject to the following conditions, namely: - (a) The 'payee' shall - (i) furnish a statement-cum-declaration in Form No. 1 to the 'payer' giving details of previous years 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; 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Permanent Account Number: (3) Name and address of the Unit of International Financial Services Centre: (4) Date of permission obtained under clause (a) of sub-section (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, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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