Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has issued Notification No. 115/2024 dated 16th October 2024. In this notification, the Central Government specifies that no tax collection at source (TCS) under sub-section (1F) of Section 206C of the Income Tax Act, 1961, will be applied to any payments received from the Reserve Bank of India (RBI). This decision, exercised under the powers conferred by sub-section (12) of Section 206C, exempts such payments from the scope of TCS. The notification takes effect from the date of its publication in the Official Gazette. This regulatory change simplifies the compliance burden related to transactions involving the RBI, particularly for those subject to TCS provisions under the Income Tax Act.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 115/2024- Income-Tax| Dated: 16th October, 2024
S.O. 4545(E).— In exercise of the powers conferred by sub-section (12) of section 206C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies that no collection of tax shall be made under sub-section (1F) of section 206C of the said Act on any payment received from the Reserve Bank of India.
2. This notification shall come into force on the date of its publication in the Official Gazette.
[No. 115/2024/F. No. 370142/21/2024-TPL]
KHUSHBOO LATHER, Under Secy.
