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Learn moreNotification excludes certain banks purchasing goods from requirement for sellers to withhold tax from buyer on certain sales of goods
The government issued a notification under which certain banks (i.e., an International Finance Services Centre (IFSC) unit) that purchase goods are excluded from the requirement under the Income-tax Act, 1961, for a seller to withhold tax from the buyer on sales of certain goods.
Such banks must submit a verified statement-cum-declaration in prescribed form to the seller, designating the 10 consecutive years for which the bank claims the tax holiday.
The notification is effective from January 1, 2025.
Read a January 2025 report prepared by the KPMG member firm in India
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