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Applicability of Section 197A(ID) and Section 10(15)(viii) of the Income-tax Act 1961 to interest paid by IFSC Banking Units (IBUs) - Clarification

Applicability of Section 197A(ID) and Section 10(15)(viii) of the Income-tax Act, 1961 to interest paid by IFSC Banking Units (IBUs) - Clarification - Income Tax - 26/2016 - Dated:- 4-7-2016 - Circular No 26/2016 F.No. 275/26/2016-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi 4th July, 2016 Subject: Applicability of Section 197A(ID) and Section 10(15)(viii) of the Income-tax Act, 1961 to interest paid by IFSC Banking Unit .....

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sub-section (15) of section 10 provides that such interest will not be included in the total income. Offshore Banking Unit is defined in clause (u) of section 2 of the Special Economic Zones Act, 2005 as a branch of a bank located in a Special Economic Zone, which has obtained the permission under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act 1949. 2. Representations have been received by the Central Board of Direct Taxes for clarifying the applicability of Section 19 .....

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