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TMI BlogCentral Government notifies that no deduction of tax shall be made on the payment under section 194Q of the IT Act 1961X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 197A of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), the Central Government hereby specifies that no deduction of tax shall be made under the provisions of section 194Q of the said Act by a person, being a buyer, in respect of purchase of goods from a Unit of International Financial Services Centre, being a seller, subject to the following conditions, namely ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of section 80LA of the said Act; (b) the buyer shall (i) not deduct tax on payment made or credited to the seller after the date of receipt of copy of the statement- cum-declaration in the said Form from the seller; and (ii) furnish the particulars of all the payments made to the seller on which tax has not been deducted in pursuance of this notification in the statement of deduction of tax referr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Explanation to sub-section (1) of section 194Q of the said Act; (ii) International Financial Services Centre shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005) ; 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 Di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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