CBDT exempts Payments from RBI from Income Tax TCS Requirement under Section 206C [Read Notification]
This exemption is effective immediately from the date of publication in the official gazette, providing relief by ensuring that no TCS will be applied on such transactions.
By Manu Sharma - On October 18, 2024 1:02 pm - 2 mins read
On October 16, 2024, the Central Board of Direct Taxes (CBDT), through a notification issued under the Ministry of Finance, clarified that any payments received from the Reserve Bank of India (RBI) will be exempt from the tax collection at source (TCS) requirements under Section 206C(1F) of the Income Tax Act, 1961. The CBDT notification…
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