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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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Provisions expressly mentioned in the judgment/order text.
<h1>Interest exemption for rupee bonds and IFSC fund transfer gains shield specified non-resident income from tax consequences.</h1> 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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