Quick Summary
In a significant development, the Central Board of Direct Taxes (CBDT) has issued Notification No. 123/2024, dated November 28, 2024, exempting specific foreign representations and international organizations from the provisions of Section 194N of the Income-tax Act, 1961. Under this exemption, entities such as diplomatic missions, United Nations agencies, consulates, and honorary consuls, which enjoy tax exemptions under the Diplomatic Relations (Vienna Convention) Act, 1972, and the United Na
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FAQ :
The Central Board of Direct Taxes (CBDT) has issued the new exemption notification.
Diplomatic missions, United Nations agencies, consulates, and honorary consuls are exempted.
Section 194N mandates tax deduction at source on cash withdrawals exceeding a prescribed limit.
The exemption comes into effect from December 1, 2024.
The exemption is based on the tax exemptions these entities enjoy under the Diplomatic Relations (Vienna Convention) Act, 1972, and the United Nations (Privileges and Immunities) Act, 1947.
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