The CBDT vide Notification No. 52/2023 dated July 21, 2023, has provided an exemption from tax deduction at source under section 194 of the Income Tax Act, 1961 (“the IT Act”) for dividend income paid by a unit of the International Financial Services Centre (“IFSC”) engaged in aircraft leasing business to another unit of IFSC involved in the same business.
However, the payee is required to furnish a statement-cum-declaration in Form No. 1 to avail of this exemption.
The Notification can be accessed at: https://incometaxindia.gov.in/communications/notification/notification-52-2023.pdf
Bimal has more than 21 years of experience in Indirect Taxation – GST, Service tax, Excise, Customs, VAT/CST, Foreign Trade Policy, DGFT matters, etc.
A2Z Taxcorp LLP is a boutique Indirect Tax firm having its offices at New Delhi and Guwahati specializing in GST, Central Excise, Custom, Service Tax, VAT, DGFT, Foreign Trade Policy, SEZ, EOU, Export – Import Laws, Free Trade Policy, etc. It is a professionally managed firm having a team of experienced and distinguished Chartered Accountants, Company Secretary, Lawyers, Corporate Financial Advisors and Tax consultants to provide various services like litigation and representation, transaction advisory, diagnostic reviews/ health checks, audit defense & protection, retainership & compliance, configuration of tax efficient business model etc. Its clientele consists mainly of Foreign MNC, large/mid-sized Indian companies which includes exporters, FMCG, consumer durables, automobiles, aerated beverages, ceramic tiles, real-estate, hospitality, etc. Our clients include Varun Beverages Limited, Kajaria Ceramics Limited, L.G. Electronics India Private Limited, Shipra Hotel Limited, Multani Pharmaceuticals Limited, Shangri-La Eros Hotel etc.
Email: info@a2ztaxcorp.com
GST Law and Commentary with Analysis and Procedures By Bimal Jain & A2Z Taxcorp LLP – May 2023 Edition
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