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of <h1>Finance Act 1983: Special Tax Rules for Non-Resident Indians in Chapter XII-A, Including 20% Rate on Investment Income.</h1> The Finance Act, 1983, introduces Chapter XII-A in the Income-tax Act, effective June 1, 1983, outlining special provisions for certain incomes of non-residents. Key definitions include 'convertible foreign exchange,' 'foreign exchange asset,' and 'non-resident Indian.' The chapter specifies tax computation for non-resident Indians, disallowing deductions on investment income and setting a 20% tax rate on investment income and long-term capital gains, with an additional surcharge. It provides tax exemptions on capital gains if reinvested in specified assets and allows non-resident Indians to opt out of these provisions. Non-residents may also retain benefits upon becoming residents.
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