TMI BlogExempt Income of Non-ResidentsX X X X Extracts X X X X X X X X Extracts X X X X ..... y of interest payable to a non-resident, not being a company, or to a foreign company, by any Indian company or business trust in respect of monies borrowed from a source outside India by way of issue of rupee denominated bond, as referred to in section 194LC(2)(ia) , during the period beginning from the 17th day of September, 2018 and ending on the 31st day of March, 2019. Fully exempt 10(4D) Any income accrued or arisen to, or received by a specified fund as a result of transfer of capital asset referred to in section 47(viiab), on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any previous year subsequent to that year, if the aggregate value and number of the units held by such resident unit holder or holders do not exceed 5% of the total units issued and fulfil such other conditions is specified under Rule 21AIA are follow:- The unit holder, who becomes a resident during any subsequent PY, shall cease to be a unit holder of such specified fund within a period of 3 months from the end of the PY in which he becomes a resident. Rule 21AIA(1)(a) . [ Rule 21AIA(1) ] The specified fund shall maintain the following documents in respect of its unit holders as specified under Rule 21AIA(1)(b) . [ Rule 21AIA(1) ] The specified fund shall certify that it has fulfilled the condi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Fully Exempt Note:- As per rule 21AK specifies the following conditions to be fulfilled for claiming such exemption the non-deliverable forward contract or offshore derivative instrument or over-the-counter derivative is entered into by the non-resident with an offshore banking unit of an IFSC which holds a valid certificate of registration granted under IFSC Authority (Banking) Regulations, 2020 by the IFSC Authority; and such contract, instrument or derivative is not entered into by the non-resident through or on behalf of its permanent establishment in India. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Offshore Banking Unit in any International Financial Services Centre, as referred to in section 80LA(1A) , to the extent such income accrues or arises outside India and is not deemed to accrue or arise in India. Fully Exempt Explanation - (i) capital market intermediary shall have the meaning as assigned to it in clause (ga) of regulation 2(1) of the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021; (ii) financial product shall have the meaning as assigned to it in sub-clause (d) of section 3(1) of International Financial Services Centres Authority Act, 2019 ; (iii) International Financial Services Centre shall have the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fter 31.3.2007 of acquiring an aircraft or an aircraft engine (other than payment for providing spares, facilities or services in connection with the operation of leased aircraft) on lease Fully Exempt Government of foreign state or foreign enterprises 10(6C) Royalty Income or fees for technical services under an agreement with CG of specified foreign companies related to projects connected with security of India Fully Exempt Foreign Company (notified by CG) 10(6D) Income arising to a NR other than a company or a foreign company by way of royalty from or fees for technical services rendered in or outside India to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dual as is referred u/s 10(8), 10(8A) 10(8B) Fully Exempt Foreign Income referred in Section 10(8)/(8A)/(8B)/(9) above refers to The other income accruing or arising outside India. Such Income would be exempt provided: It is not deemed to accrue or arise in India; and The individual is required to pay any income tax or social security tax of such income to the Government of that Foreign State or Country of origin of such number. 10(15(iiia) Interest on deposits made by a foreign bank with a scheduled bank with approval of RBI Fully Exempt Bank Incorporated outside India and authorised to perf ..... X X X X Extracts X X X X X X X X Extracts X X X X
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