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of <h1>Income Tax Bill 2025: Clause 212 Defines Key Terms for Non-Residents, Foreign Companies, and Foreign Exchange Assets.</h1> Clause 212 of the Income Tax Bill, 2025, provides definitions for terms used in sections 213 to 218 concerning non-residents and foreign companies. It defines 'foreign exchange asset' as a specified asset acquired with convertible foreign exchange, and 'investment income' as income from such assets. 'Long-term capital gains' refer to income from a foreign exchange asset that is not short-term. A 'non-resident Indian' is an individual who is not a resident but is either a citizen of India or of Indian origin. 'Specified asset' includes shares, debentures, deposits with non-private Indian companies, government securities, and other assets specified by the Central Government.
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