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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 .....

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s (IBUs) - Clarification regarding Section 197A of the Income-tax Act, 1961 provides the circumstances in which deduction of tax at source is not required to be made under Chapter XVII of the Act. Sub-section (ID) of this section provides that deduct .....

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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 Econom .....

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7A(ID) and Section 10(15)(viii) of the Income-tax Act 1961 in respect of interest received from IFSC Banking Units (IBUs) set up in the Special Economic Zones. The matter has been examined, and it is observed that IBUs are branches of Indian Banks or .....

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