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

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-02012025-259863 EXTRAORDINARY PART II-Section 3-Sub-section (ii) PUBLISHED BY AUTHORITY No. 18] 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. 20(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 a credit guarantee fund established and wholly financed by the Central Government and managed by the National Credit Guarantee Trustee Company Limited as referred to in sub-clause (ii) 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. 2/2025/F.No. 275/110/2024-IT(B)] RUBAL SINGH, Dy. Secy. (IT-Budget)