Quick Summary
The Central Board of Direct Taxes (CBDT) has issued three significant notifications under the Income-tax Act, 1961, aimed at tax relief and compliance facilitation, effective from January 1, 2025. Key Highlights 1. Tax Exemption for Payments to National Credit Guarantee Trustee Company Limited
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FAQ :
The CBDT has issued notifications providing income tax exemptions for credit guarantee entities and TDS relaxations for IFSC units, effective January 1, 2025.
Payments received by the National Credit Guarantee Trustee Company Limited and payments to government-managed credit guarantee funds managed by this company are exempt from income tax deductions.
Units in International Financial Services Centres (IFSC) will have TDS exemptions under Section 194Q for certain transactions, provided the seller meets specific compliance conditions.
These exemptions and relaxations are effective from January 1, 2025.
The aim is to provide tax relief, facilitate compliance for businesses, and support government-backed financial initiatives.
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