Interest exemption for rupee bonds and IFSC fund transfer gains shield specified non-resident income from tax consequences. The amendments add targeted exemptions in section 10: interest on rupee-denominated bonds paid to non-residents for a specified historical period is exempt; income of a specified fund from transfers on a recognised IFSC stock exchange for units held by non-residents in convertible foreign exchange is exempt, with defined terms for convertible foreign exchange, manager, sponsor, specified fund, trust and unit; and related amendments adjust exemption percentages, extend interest exemptions for IFSC units borrowing funds, and tighten compliance and genuineness conditions for institutional exemptions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest exemption for rupee bonds and IFSC fund transfer gains shield specified non-resident income from tax consequences.
The amendments add targeted exemptions in section 10: interest on rupee-denominated bonds paid to non-residents for a specified historical period is exempt; income of a specified fund from transfers on a recognised IFSC stock exchange for units held by non-residents in convertible foreign exchange is exempt, with defined terms for convertible foreign exchange, manager, sponsor, specified fund, trust and unit; and related amendments adjust exemption percentages, extend interest exemptions for IFSC units borrowing funds, and tighten compliance and genuineness conditions for institutional exemptions.
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