Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Non-resident and resident individuals exempt from tax on interest from specific National Defence Loans; conditions apply for foreign banks.</h1> Non-resident individuals and entities holding 4% National Defence Loan, 1968, and 4.75% National Defence Loan, 1972, are exempt from income tax on interest under the Ministry of Finance's notification. Consequently, they can receive interest without tax deduction at source. Resident individuals are also exempt from tax deduction on these loans, but resident entities are not. Foreign banks holding these loans must declare beneficial ownership to the Public Debt Office to qualify for tax exemption. If a foreign bank's constituent is a resident individual, interest is exempt from tax deduction; otherwise, tax is deducted for non-individual resident constituents.
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