The Ministry of Finance (MoF) on November 28, 2024, issued a notification regarding exemption from Section 194N of the Income-tax Act for Foreign Representations and Diplomatic Entities.
The following has been stated: -
•The Central Government, under Section 194N of the Income-tax Act, 1961, exempts Foreign Representations approved by the Ministry of External Affairs, including Diplomatic Missions, UN agencies, and Honorary Consuls, from the provisions of this section.
•These entities are exempt from tax under the Diplomatic Relations (Vienna Convention) Act, 1972, and the United Nations (Privileges and Immunities) Act, 1947. This exemption applies after consultation with the Reserve Bank of India.
The notification shall be deemed to have come into force with effect from December 01, 2024.
The detailed notification is given in the document below.
[Notification No. S.O. 5121(E)]
