Section 194N Exemption for Foreign Representations: Key Highlights of the New Income-Tax Notification

  On 28th November 2024 , the Ministry of Finance issued Notification No. 123/2024 , bringing clarity to the applicability of Section 194N of the Income-tax Act, 1961. The notification exempts specified foreign representations from the provisions of this section, reinforcing India's commitment to international diplomatic norms and global cooperation. Effective from 1st December 2024 , this move comes after due consultation with the Reserve Bank of India (RBI) and aligns with international protocols such as the Vienna Convention and the United Nations Privileges and Immunities Act . Understanding Section 194N of the Income-tax Act Section 194N mandates tax deduction at source (TDS) on cash withdrawals exceeding ₹1 crore in a financial year . The provision applies to withdrawals from banks, co-operative banks, and post offices, aiming to curb cash usage and promote digital transactions. Fifth Proviso to Section 194N The fifth proviso grants the Central Government the authority ...
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Hello everyone! Welcome to Sai Talk's My name is T Venkata Shiva Sai, and I am excited to share with you some of my personal experiences and interests. I am a semi-qualified Chartered Accountant, and I am proud to say that I have recently cleared my CA final group 1 with two exemptions and scored a 79 in FR and a 78 in SFM. I also received an exemption in 6D eco law with a score of 72. I am now gearing up to appear for my group 2 CA final in May 2023 and my CMA final in June 2023.

Apart from my academic achievements, I have a diverse set of interests. I am a big movie buff and love to explore new restaurants and different types of food. I am also interested in gadgets and love keeping up with the latest technology trends.

In addition to all of these, I am also intrigued by gossips and enjoy keeping up with the latest news and trends. I have a passion for finance, and I would love to share my knowledge and insights with you. I enjoy reading and sharing love stories and am always excited to hear about new romantic tales.

Lastly, I love to travel and explore new places, and I always have some exciting travel stories to share. In my blog, I will be sharing my experiences and insights on all these topics and hope to make it an exciting and fun read for you all!

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