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New Delhi: The curiosity on exterior industrial borrowing, skilled charges, referral charges, and dividend earnings to finance firms and banking items, established in IIFC might be exempted from the tax deducted at supply (TDS) from the subsequent monetary 12 months.
The Centre on Friday notified 14 classes of funds made by any payer to IFSC items on which no TDS is required. This exemption was up to now accessible solely to funds related to the leasing of ships, and plane amongst others. The exemption might be relevant for 10 years efficient April 1, 2024.
“Waiver of withholding requirement helps mitigate the money lure IFSC items have been to face”, mentioned Sumit Singhania, Associate, Deloitte India mentioned.
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