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No TDS on transfer of assets from Air India to SPV
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SME Times News Bureau | 12 Sep, 2021
In a bid to further sweeten the Air India sale offer, the government has
decided to waive taxes on the transfer of assets from the national
carrier to Air India Assets Holding Limited, a special purpose vehicle
(SPV).
"The Central Government hereby specifies that no deduction
of tax shall be made under section 194-IA of the said Act on any
payment made to the Air India Ltd for transfer of immovable property to
Air India Assets Holding Ltd under a plan approved by the Central
Government," said a notification.
The Central Board of Direct Taxes (CDBT) has come up with a set of notifications, announcing the decision.
One
notification from the said that Air India Assets Holding Ltd shall not
be considered as 'buyer' for the purpose of sub-section (1) of section
194Q of the said Act in case of transfer of goods by Air India Ltd to
it.
"The Central Government hereby specifies that Air India Ltd
shall not be considered as 'seller' for the purposes of sub-section (1H)
of section 206C of the said Act in relation to transfer of goods by it
to Air India Assets Holding Ltd under a plan approved by the Central
Government," said another notification.
Last week, the CBDT also
allowed new owners of erstwhile public sector companies to carry forward
losses and set these off against future profits, in a bid to raise more
interest for the proposed privatisation processes.
During the
Budget speech for FY22, Finance Minister Nirmala Sitharaman had said
that all the proposed privatisation process would be completed by the
end of the fiscal, including the much-delayed strategic disinvestment of
Air India.
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| Customs Exchange Rates |
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Import |
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US Dollar
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