Context:
No buyer will be subjected to tax deduction for purchases made by him after receipt by an International Financial Services Centre or IFSC-seller as from the 1st of January 2025.
Key Highlights:
- A seller must submit a declaration which should state the previous years under which deductions for income tax have been verified according to the norms of the government.
- The buyer shall thereafter not be liable to deduct tax from payments made to them.
- The seller must submit a statement cum declaration in Form No. 1 annexed to a notification from the Ministry of Finance, Department of Revenue.
