No deduction of income-tax under Chapter XVII on 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
MINISTRY OF FINANCE
(Department of Revenue)
Notification No. 2/2025
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. 275/110/2024-IT(B)]
RUBAL SINGH, Dy. Secy. (IT-Budget)
Download CBDT Notification No. 2/2025 Click Here >>
- Assessee developing infrastructure facility of Govt. not contractor for denying 80IA deduction
- Jurisdictional PCIT/CIT to condone delay in filing Form No. 10A for Registration u/s 12A
- AO not justified in making addition by adopting extrapolation without any material evidence
- Court can not sit over comparative financial attractiveness of rival offers decided by CoC
- When quantum appeal restored, penalty can’t be levied for non-payment of demand
