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Rule 114F - Rule - MISCELLANEOUS - Income-tax Rules, 1962 - Rule 114F - 114F .- For the purpose of this rule and rules 114G and 114H,- (1) "financial account" means an account (other than an excluded account) maintained by a financial institution, and includes- (i) a depository account; (ii) a custodial account; (iii) in the case of an investment entity, any equity or debt interest in the financial institution. Explanation.- For the purposes of this sub-clause "financial account&q .....

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tution not described in sub-clause (iii), any equity or debt interest in the financial institution, if the class of interests was established with a purpose of avoiding reporting in accordance with rule 114G and, in case of a U.S. reportable account, if the value of debt or equity interest is determined, directly indirectly, primarily by reference to assets that give rise U.S. source withholdable payments; and (v) any cash value insurance contract and any annuity contract issued or maintained by .....

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ate of indebtedness, or other similar instrument maintained by a financial institution in the ordinary course of a banking or similar business and also an amount held by an insurance company pursuant to a guaranteed investment contract or similar agreement to pay or credit interest thereon; (b) "custodial account" means an account (other than an insurance contract or annuity contract) for the benefit of another person that holds one or more financial assets; (c) "equity interest&q .....

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rectly or indirectly, a discretionary distribution from the trust. (d) "insurance contract" means a contract (other than an annuity contract) under which the issuer agrees to pay an amount upon the occurrence of a specified contingency involving mortality, morbidity, accident, liability, or property risk; (e) "annuity contract" means a contract under which the issuer agrees to make payments for a period of time determined in whole or in part by reference to the life expectanc .....

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and which does not allow amounts to be borrowed under or with regard to the contract, shall not constitute a cash value insurance contract; (g) "cash value" means the greater of- (i) the amount that the policyholder is entitled to receive upon surrender or termination of the contract (determined without reduction for any surrender charge or policy loan); and (ii) the amount the policyholder can borrow under or with regard to the contract, but does not include an amount payable under a .....

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insurance contract (other than a life insurance contract or an annuity contract) due to cancellation or termination of the contract, decrease in risk exposure during the effective period of the contract, or arising from the correction of a posting or similar error with regard to the premium for the contract; or (D) as a policyholder dividend (other than a termination dividend) provided that the dividend relates to an insurance contract under which the only benefits payable are described 4[ in s .....

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ccount that satisfies the following requirements, namely:- (A) the account is subject to regulation as a personal retirement account or is part of a registered or regulated retirement or pension plan for the provision of retirement or pension benefits (including disability or death benefits); (B) the account is tax-favoured where contributions to the account that would otherwise be subject to tax are deductible or excluded from the gross total income of the account holder or taxed at a reduced r .....

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ribution limit to the account of an amount equivalent to one million U.S. dollars or less, in each case applying the rules specified in clause (c) of sub-rule (7) of rule 114H for account aggregation and currency translation. Explanation.- A financial account that otherwise satisfies the requirements of item (E) will not fail to satisfy such requirements solely because such financial account may receive assets or funds transferred from one or more financial accounts that meet the requirements of .....

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ed on an established securities market; (B) the account is tax-favoured where contributions to the account that will otherwise be subject to tax are deductible or excluded from the total income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or taxed at a reduced rate; (C) withdrawals are conditioned on meeting specific criteria related to the purpose of the investment or savings account (for example, the provision of educational or .....

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ets or funds transferred from one or more financial accounts that meet the requirements of 6[sub-clauses (i) or (ii) or from one or more retirement or pension funds that meets with the requirements of clauses (E), (F) or (G) of Explanation to clause (5)] of this rule; (iii) an account established under the Senior Citizens Savings Scheme Rules, 2004 made under the Government Savings Banks Act, 1873 (5 of 1873). (iv) a life insurance contract with a coverage period that will end before the insured .....

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payable upon cancellation or termination of the contract cannot exceed the aggregate premiums paid for the contract, less the sum of mortality, morbidity, and expense charges (whether or not actually imposed) for the period or periods of the contract's existence and any amounts paid prior to the cancellation or termination of the contract; and (D) the contract is not held by a transferee for value; (v) an account that is held solely by an estate if the documentation for such account includes .....

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ncial asset that is deposited in the account in connection with the sale, exchange, or lease of the property; (b) the account is established and used solely to secure the obligation of the purchaser to pay the purchase price for the property, the seller to pay any contingent liability, or the lessor or lessee to pay for any damages relating to the leased property as agreed under the lease; (c) the assets of the account, including the income earned thereon, will be paid or otherwise distributed f .....

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set aside a portion of a payment solely to facilitate the payment of taxes or insurance related to the real property at a later time; (D) an obligation of a financial institution solely to facilitate the payment of taxes at a later time; (vii) in the case of an account other than a U.S. reportable account, a depository account that satisfies the following requirements, namely:- (A) the account exists solely because a customer makes a payment in excess of a balance due with respect to a credit ca .....

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in each case applying the rules specified in clause (c) of sub-rule (7) of rule 114H for account aggregation and currency translation and for this purpose, a customer overpayment does not refer to credit balances to the extent of disputed charges but includes credit balances resulting from merchandise returns; (2) "financial asset" includes a security (for example, a share of stock in a corporation; partnership or beneficial ownership interest in a widely held or publicly traded partn .....

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rovided that "financial asset" shall not include a non-debt and direct interest in an immovable property; (3) "financial institution" means a custodial institution, a depository institution, an investment entity, or a specified insurance company. Explanation.- For the purposes of this clause,- (a) "custodial institution" means any entity that holds, as a substantial portion of its business, financial assets for the account of others and where its income attributable .....

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as a business one or more of the following activities or operations for or on behalf of a customer, namely:- (i) trading in money market instruments (cheques, bills, certificates of deposit, derivatives, etc.); foreign exchange; exchange, interest rate and index instruments; transferable securities; or commodity futures trading; or (ii) individual and collective portfolio management; or (iii) otherwise investing, administering, or managing financial assets or money on behalf of other persons; o .....

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s primarily attributable to investing, reinvesting, or trading in financial assets for purposes of sub-clause (B) of this clause, if the entity's gross income attributable to the relevant activities equals or exceeds fifty per cent. of the gross income of the entity during the shorter of the three-year period ending on 31st March of the year preceding the year in which the determination is made or the period during which the entity has been in existence. Explanation 2.- The term "invest .....

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ot;non-participating financial institution" means a financial institution defined in clause (r) of Article 1 of the agreement between the Government of the Republic of India and the Government of the United States of America to improve international tax compliance and to implement Foreign Account Tax Compliance Act of the United States of America (herein after referred to as the FATCA agreement), but does not include,- (a) an Indian financial institution; or (b) other jurisdiction, being a .....

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r jurisdiction; (5) "non-reporting financial institution" means any financial institution that is,- (a) a Governmental entity, International Organisation or Central Bank, other than with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a specified insurance company, custodial institution, or depository institution; (b) a Treaty Qualified Retirement Fund; a Broad Participation Retirement Fund; a Narro .....

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interest in such entity is either a depository institution (with respect to a loan made to such entity) or a financial institution referred to in sub-clauses (a) to (c); (e) a qualified credit card issuer; (f) an investment entity established in India that is a financial institution only because it,- (I) renders investment advice to, and acts on behalf of; or (II) manages portfolios for, and acts on behalf of; or (III) executes trades on behalf of, a customer for the purposes of investing, mana .....

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ution with a local client base; (j) a local bank; (k) a financial institution with only low-value accounts; (l) sponsored investment entity and controlled foreign corporation, in case of any U.S. reportable account; or (m) sponsored closely held investment vehicle, in case of any U.S. reportable account. Explanation.- For the purpose of this clause,- (A) "Governmental entity" means the Government of a country or territory, any political subdivision of a country or territory (including .....

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, instrumentality, or other body, by whatever name called, that constitutes a governing authority of a country or territory and the net earnings of the governing authority must be credited to its own account or to other accounts of the country or territory, with no portion inuring to the benefit of any private person: Provided that an integral part does not include any individual who is a sovereign, official, or administrator acting in a private or personal capacity: Provided further that the in .....

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ss, which provides financial services to private persons; (ii) a controlled entity means an entity that is separate in form from the country or territory or that otherwise constitutes a separate juridical entity: Provided that- (a) the entity is wholly owned and controlled by one or more Governmental entities directly or through one or more controlled entities; (b) the entity's net earnings are credited to its own account or to the accounts of one or more Governmental entities, with no porti .....

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me is considered to inure to the benefit of private persons if the income is derived from Governmental entity engaged in a commercial business, such as a commercial banking business, which provides financial services to private persons; (B) "International Organisation" means any international organization or wholly owned agency or instrumentality thereof including any inter-Governmental organisation,- (a) that is comprised primarily of Governments; (b) that has in effect a headquarters .....

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r territory; (D) "Treaty Qualified Retirement Fund" means a fund established in India, provided that the fund is entitled to benefits under an agreement between India and the Government of any country or territory outside India on income that it derives from sources within such country or territory outside India (or would be entitled to such benefits if it derived any such income) as a resident of India that satisfies any applicable limitation on benefits requirement, and is operated p .....

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9;s assets; (ii) is subject to Government regulation and provides information reporting to the income-tax authorities; and (iii) satisfies at least one of the following requirements, namely:- (a) the fund is generally exempt from tax on investment income, or taxation of such income is deferred or taxed at a reduced rate, due to its status as a retirement or pension plan; (b) the fund receives at least fifty per cent of its total contributions [other than transfer of assets from other plans refer .....

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which apply to distributions or withdrawals made before such events; or (d) contributions (other than permitted make-up contributions) by employees to the fund are limited by reference to earned income of the employee or may not exceed an amount equivalent to fifty thousand U.S. dollars annually, applying the procedures set forth in clause (c) of sub-rule (7) of rule 114H for account aggregation and currency translation; (F) "Narrow Participation Retirement Fund" means a fund establis .....

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nt and pension accounts referred to in sub-clause (i) of clause (h) of Explanation to clause (1)] are limited by reference to earned income and compensation of the employee, respectively; (iv) participants who are not residents in India are not entitled to more than twenty per cent of the fund's assets; and (v) the fund is subject to Government regulation and provides information reporting to the income-tax authorities; (G) "Pension Fund of a Governmental entity, International Organisat .....

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entral Bank; (H) "non-public fund of the armed forces" means a fund established in India as a regimental fund or non-public fund by the armed forces of the Union of India for the welfare of the current and former members of the armed forces and whose income is exempt from tax under clause (23AA) of section 10 of the Act; (I) "Employees' State Insurance Fund" means the fund established as Employees' State Insurance Fund under the provisions of the Employees' State .....

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iscellaneous Provisions Act, 1952 (19 of 1952) to provide current and former employees of Indian employers retirement benefits in consideration for services rendered: Provided that fund,- (i) does not have any beneficiary with a right to more than five per cent. of the fund's assets; (ii) is subject to Government regulation and provides annual information reporting about its beneficiaries to the income- tax authorities; (iii) is generally exempt from tax on investment income due to its statu .....

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y:- (i) it is a financial institution only because it is an issuer of credit cards and accepts deposits only when a customer makes a payment in excess of a balance due with respect to the card and the overpayment is not immediately returned to the customer; and (ii) beginning on or before the 1st July, 2014, the financial institution implements policies and procedures either to prevent a customer from making an overpayment in excess of an amount equivalent to fifty thousand U.S. dollars or to en .....

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mpt collective investment vehicle" means an investment entity that is regulated as a collective investment vehicle, provided that all of the interests in the collective investment vehicle are held by or through persons other than,- (i) those referred to in sub-clauses (a) to (c) of clause (6); and (ii) a non-participating financial institution. Explanation.- An investment entity which is regulated as a collective investment vehicle does not fail to qualify under this clause as an exempt col .....

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hares when such shares are presented for redemption or other payment; and (iv) the collective investment vehicle has in place policies and procedures to ensure that such shares are redeemed or immobilised as soon as possible, and in any event prior to the 1st January, 2017; (N) "financial institution with a local client base" means a financial institution satisfying the following requirements, namely:- (i) it has been granted a license and is regulated as a financial institution under .....

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a financial institution shall not be considered to have solicited customers or account holders outside India merely because the financial institution,- (a) operates a website, provided that the website does not specifically indicate that the financial institution provides financial accounts or services to non-residents, and does not otherwise target or solicit customers or account holders who are resident of any country or territory outside India for tax purposes; or (b) advertises in print med .....

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under any law for the time being in force to identify resident account holders for purposes of either information reporting or withholding of tax with respect to financial accounts held by residents or for purposes of satisfying the due diligence requirements under the Prevention of Money-laundering Act, 2002 (15 of 2003); (v) at least ninety eight per cent. of the financial accounts by value maintained by the financial institution are held by residents; (vi) beginning on or before the 30th June .....

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a resident of India) or any passive non-financial entity with controlling persons who are reportable persons; (vii) such policies and procedures explicitly provide that if any financial account held by a reportable person who is not a resident of India or by a passive non-financial entity with controlling persons who are reportable persons who are not resident of India is identified, the financial institution shall report such financial account as would be required if the financial institution .....

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ld be required if the financial institution were a reporting financial institution or close such financial account; (ix) each related entity of the financial institution that is a financial institution must be incorporated or organised in India and, with the exception of any related entity that is a retirement fund referred to in clauses (D) to (G) of this Explanation, satisfies the requirements set forth in this clause; and (x) the financial institution must not have policies or practices which .....

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nstitution consists primarily of receiving deposits from and making loans to, with respect to a bank, unrelated retail customers and, with respect to a credit union or similar cooperative credit organisation, members, provided that no member has a greater than five per cent. interest in such credit union or cooperative credit organisation; (iii) the financial institution satisfies the requirements set forth in sub-clauses (ii) and (iii) of clause (N), provided that, in addition to the limitation .....

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and (v) any related entity must be incorporated or organised in India, and any related entity that is a financial institution, with the exception of any related entity that is a retirement fund referred to in clauses (D) to (G) or a financial institution with only low-value accounts referred to in clause (P), must satisfy the requirements set forth in this clause. Explanation.- Regional Rural Banks constituted under the Regional Rural Bank Act 1976 (21 of 1976), Urban Cooperative Banks constitu .....

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eated as local bank for the purpose of this clause; (P) "financial institution with only low-value accounts" means a financial institution satisfying the following requirements, namely:- (i) the financial institution is not an investment entity; (ii) no financial account maintained by the financial institution or any related entity has a balance or value in excess of an amount equivalent to fifty thousand U.S. dollars, applying the procedures prescribed in clause (c) of sub-rule (7) of .....

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ng sub-clauses, namely:- (i) a financial institution is a sponsored investment entity if- (a) it is an investment entity established in India that is not a qualified intermediary (being an intermediary that is a party to a withholding agreement with the United States of America), withholding foreign partnership, or withholding foreign trust; and (b) an entity has agreed with the financial institution to act as a sponsoring entity for the financial institution; (ii) a financial institution is a s .....

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in Article 1 of the FATCA agreement that agrees to act, or requires an affiliate of the financial institution to act, as a sponsoring entity for the financial institution; and (c) the financial institution shares a common electronic account system with the sponsoring entity that enables the sponsoring entity to identify all account holders and payees of the financial institution and to access all account and customer information maintained by the financial institution including, but not limited .....

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y with the United States of America; (III) if the sponsoring entity identifies any U.S. reportable account with respect to the financial institution, the sponsoring entity registers the financial institution pursuant to applicable registration requirements of the United States of America on or before the 31st December, 2015 or the date that is ninety days after such U.S. reportable account is first identified, whichever is later; (IV) the sponsoring entity agrees to perform, on behalf of the fin .....

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I) the sponsoring entity has not had its status as a sponsor revoked; (R) "sponsored, closely held investment vehicle" means a financial institution satisfying the following requirements, namely:- (i) it is a financial institution only because it is an investment entity and is not a qualified intermediary (being an intermediary that is a party to a withholding agreement with the United States of America), withholding foreign partnership, or withholding foreign trust; (ii) the sponsorin .....

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titution would have been required to perform if it were a reporting financial institution; (iii) the financial institution does not act as an investment vehicle for unrelated parties; (iv) twenty or less than twenty individuals own all the debt interests and equity interests in the financial institution (other than debt interests owned by participating foreign financial institution defined in Annex II of the FATCA agreement and non-reporting financial institutions and equity interests owned by a .....

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lding, reporting, and other requirements that the financial institution would have been required to perform if it were a reporting financial institution and retains documentation collected with respect to the financial institution for a period of six years; (c) the sponsoring entity identifies the financial institution in all its reporting completed on the financial institution's behalf; and (d) the sponsoring entity has not had its status as a sponsor revoked; (6) "reportable account&q .....

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n-financial entity" means any non-financial entity which fulfils any of the following criteria, namely:- (i) less than fifty per cent of the entity's gross income for the preceding financial year is passive income and less than fifty per cent of the assets held by the entity during the preceding financial year are assets that produce or are held for the production of passive income; or (ii) the stock of the entity is regularly traded on an established securities market or the non-financ .....

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y wholly owned by one or more of these entities; or (iv) substantially all of the activities of the entity consist of holding (in whole or in part) the outstanding stock of, or providing financing and services to, one or more subsidiaries that engage in trades or businesses other than the business of a financial institution: Provided that an entity shall not qualify for this status if it functions as an investment fund, such as a private equity fund, venture capital fund, leveraged buyout fund, .....

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anisation of the entity; or (vi) the entity was not a financial institution in the past five years, and is in the process of liquidating its assets or is reorganising with intent to continue or recommence operations in a business other than that of a financial institution; or (vii) the entity primarily engages in financing and hedging transactions with, or for, related entities which are not financial institutions, and does not provide financing or hedging services to any entity which is not a r .....

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anisation, agricultural or horticultural organisation, civic league or an organisation operated exclusively for the promotion of social welfare; (b) it is exempt from income-tax in India; (c) it has no shareholders or members who have a proprietary or beneficial interest in its income or assets; (d) the applicable laws of the entity's country or territory of residence or the entity's formation documents do not permit any income or assets of the entity to be distributed to, or applied for .....

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st be distributed to a Governmental entity or other non-profit organization, or escheat to the Government of the entity's country or territory of residence or any political sub-division thereof. Explanation.- For the purpose of this sub-clause, the following shall be treated as fulfilling the criteria provided in the said sub-clause, namely:- (I) an Investor Protection Fund referred to in clause (23EA); (II) a Credit Guarantee Fund Trust for Small Industries referred to in clause 23EB; and ( .....

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DBOD.AML.BC. No.71/14.01.001/2012-13, issued on the 18th January, 2013 by the Reserve Bank of India; or (ii) CIR/MIRSD/2/2013, issued on the 24th January, 2013 by the Securities and Exchange Board of India; or (iii) IRDA/SDD/GDL/CIR/019/02/2013, issued on the 4th February, 2013 by the Insurance Regulatory and Development Authority. Explanation 2.- In the case of a trust, the controlling person means the settlor, the trustees, the protector (if any), the beneficiaries or class of beneficiaries, a .....

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) of the Explanation to 2[ clause (3), which is not located in any of the jurisdictions specified by the Central Board of Direct Taxes in this behalf ]; or 3[ (iii) not a withholding foreign partnership or a withholding foreign trust; ] (E) an entity is a "related entity" of another entity if either entity controls the other entity, or the two entities are under common control. Explanation.- For the purpose of this clause control includes direct or indirect ownership of more than fifty .....

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s of gains over losses from transactions (including futures, forwards, options, and similar transactions) in any financial assets; (viii) the excess of foreign currency gains over foreign currency losses; (ix) net income from swaps; or (x) amounts received under cash value insurance contracts: Provided that passive income will not include, in the case of a non-financial entity that regularly acts as a dealer in financial assets, any income from any transaction entered into in the ordinary course .....

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one or more specified U.S. persons; or (b) one or more persons other than,- (i) a corporation, the stock of which is regularly traded on one or more established securities markets; (ii) any corporation that is a related entity of a corporation mentioned in item (i); (iii) a Governmental entity; (iv) an International organisation; (v) a Central bank; or (vi) a financial institution, that is a resident of any country or territory outside India (except the United States of America) under the tax la .....

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(b) a partnership or corporation organized in the United States of America or under the laws of the United States of America or any State thereof; (c) a trust if,- (i) a court within the United States of America would have authority under applicable law to render orders or judgments concerning substantially all issues regarding administration of the trust; and (ii) one or more U.S. persons have the authority to control all substantial decisions of the trust; or (d) an estate of a decedent who wa .....

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of interest (including any original issue discount), dividends, rents, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, and other fixed or determinable annual or periodical gains, profits, and income, if such payment is from sources within the United States of America: Provided that a U.S. source withholdable payment shall not include any payment that is not treated as a withholdable payment in relevant Treasury Regulations of the United States of America; (13) &q .....

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