CBDT Notifies RBI as Exempt from Tax Collection at Source under Section 206C(1F) of the IT Act

By: Admin
October 17, 2024
Categories: CBDT Notification | Notification And Circular
4 Min Read

The CBDT has issued Notification No. 115/2024 on October 16, 2024, exempting the Reserve Bank of India (RBI) from the requirement of Tax Collection at Source (TCS) under Section 206C(1F) of the Income-tax Act, 1961.

This notification clarifies that no TCS will be applicable on payments received from the RBI, effectively exempting the central bank from tax collection obligations under this section. The exemption is effective from the date of its publication in the Official Gazette.

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