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2008 (3) TMI 52 - AAR - Income TaxNon-resident want to open a Non-resident Ordinary Deposit A/c with banks in India – Authority ruled that as per sec. 115C(a) account can be opened with convertible foreign exchange & only in a bank which wouldn’t be a pvt. company – deposit would be regarded as specified asset as per sec. 115C(f) – repatriation of balance in NRO bank deposit isn’t required – interest income would be in nature of investment income & tax thereon will be 20% u/s 115E – bank had to deduct tax at source only at 20%
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