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Income Tax Exemption under Section 10(15)(viii) of Income Tax Act, 1961

Eligible Assessee

Person who is non-resident or not ordinary resident

Nature of Income

Interest on offshore Banking units

Amount Exempt

Entire amount

Conditions laid down for Tax Exemption

  1. Deposits made on after 1-4-2005 shall be eligible for
    exemption.
  2. Deposit is made in offshore banking unit as defined in section 2(u) of SEZ Act, 2005

 

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