Tax Collection at Source exemption for IFSC Units availing section 80LA deduction for 10 years.

A Unit of an International Financial Services Centre (IFSC) is exempt from being considered a 'buyer' for Tax Collection at Source (TCS) under section 206C(1H) of the Income Tax Act, 1961, provided certain conditions are met. This exemption applies if the unit furnishes a Form 1A declaration for 10 consecutive years, opting for the section 80LA deduction. During this period, sellers are not required to collect TCS after receiving Form 1A and must report such receipts. This exemption is effective from January 1, 2025, with procedures and formats to be prescribed by the Director General of Income Tax (Systems). .....

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