Ministry of Finance Department of Revenue Central Board of Direct Taxes

Notification under sub section 1F of section 197A of the Income tax Act 1961 in case of NCGTCL

Issue Date: 02 January 2025 Published: 02 January 2025

Gazette ID: CG-DL-E-02012025-259862 Download PDF

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Core Purpose

Exempts payments to National Credit Guarantee Trustee Company Ltd. from income-tax deduction under specific conditions as per Income-tax Act, 1961.

Detailed Summary

This notification, issued by the Central Government, Ministry of Finance, Department of Revenue, exempts certain payments from income-tax deduction. Specifically, it states that no income-tax will be deducted under Chapter XVII of the Income-tax Act, 1961, for payments received by the National Credit Guarantee Trustee Company Limited. This exemption applies to the company in its capacity as an entity established and wholly financed by the Central Government, operating credit guarantee funds that are also established and wholly financed by the Central Government, as defined under sub-clause (i) of clause (46B) of section 10 of the Income-tax Act. This notification is effective from the date of its publication in the Official Gazette.

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-02012025-259862 EXTRAORDINARY PART II-Section 3-Sub-section (ii) PUBLISHED BY AUTHORITY No. 17] NEW DELHI, THURSDAY, JANUARY 2, 2025/ PAUSHA 12, 1946 MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 2nd January, 2025 (INCOME-TAX) S.O. 19(E).—In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), the Central Government hereby notifies that no deduction of income-tax under Chapter XVII of the said Act shall be made on the payments received by the National Credit Guarantee Trustee Company Limited, being a company established and wholly financed by the Central Government for the purposes of operating credit guarantee funds established and wholly financed by the Central Government as referred to in sub-clause (i) of clause (46B) of section 10 of the said Act. 2. This notification shall come into force from the date of its publication in the Official Gazette. [F. No. 1/2025/F.No. 275/25/2023-IT(B)] RUBAL SINGH, Dy. Secy. (IT-Budget)

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