Notification No. 106/2021-Income Tax | Dated: 10th September, 2021

Last updated: 13 September 2021

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This notification, dated 10th September 2021, states that no tax will be deducted at source (TDS) on payments made to Air India Limited for the transfer of immovable property to Air India Assets Holding Limited. This exemption applies to transfers made under a plan approved by the Central Government. The notification is effective retrospectively from 1st April 2021.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 10th September, 2021
INCOME-TAX

S.O. 3679(E).—In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961) , the Central Government hereby specifies that no deduction of tax shall be made under section 194-IA of the said Act on any payment made to the Air India Limited (PAN: AACCN6194P) for transfer of immovable property to Air India Assets Holding Limited (PAN: AAQCA4703M) under a plan approved by the Central Government.

2. The notification shall be deemed to have come into force with effect from the 1st day of April, 2021.

[Notification No. 106/2021/F. No. 370149/158/2021-TPL]
ANKIT JAIN, Under Secy. (Tax Policy and Legislation)

Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective effect to this notification.

FAQ :

The notification specifies that no tax deduction at source (TDS) will be made under section 194-IA of the Income-tax Act on payments for the transfer of immovable property from Air India Limited to Air India Assets Holding Limited.

Air India Limited is exempt from tax deduction on payments received for the transfer of immovable property to Air India Assets Holding Limited, provided the transfer is part of a Central Government-approved plan.

The notification is deemed to have come into force from 1st April 2021.

The notification is issued under sub-section (1F) of section 197A of the Income-tax Act, 1961, and concerns section 194-IA regarding tax deduction on immovable property transactions.

No, it is certified that no person is being adversely affected by giving retrospective effect to this notification.