Quick Summary
In a significant update, the Central Board of Direct Taxes (CBDT) has issued Notification No. 115/2024, dated October 16, 2024, exempting the Reserve Bank of India (RBI) from the requirement of tax collection at source (TCS) under Section 206C(1F) of the Income Tax Act, 1961. This exemption applies to payments received by the RBI and is effective from the date of the notification's publication in the Official Gazette. Section 206C(1F) mandates the collection of tax at source on the sale of moto
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
The CBDT has exempted the Reserve Bank of India (RBI) from the requirement to collect tax at source (TCS) on payments it receives.
This exemption is related to Section 206C(1F) of the Income Tax Act, 1961.
Section 206C(1F) typically mandates the collection of tax at source on the sale of motor vehicles valued at over Rs 10 lakh.
The exemption benefits the Reserve Bank of India by removing the TCS requirement on payments it receives. It also aims to simplify compliance for entities interacting with the RBI.
The exemption is effective from the date of the notification's publication in the Official Gazette.
CAclubindia
