Non-resident (External) Account exemption: interest credited to defined external accounts is not subject to TDS after amendment. The amendment limited the non-deduction of tax at source to interest credited to Non-resident (External) Accounts as defined under foreign exchange law, replacing the broader category of non-resident account effective April 1, 1969; a government notification defined that account type and prior instructions exempting interest in non-resident accounts therefore now apply only to the defined Non-resident (External) Account while the Board considers the broader question of TDS applicability to incomes exempt under the income exemption provision.
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.
Non-resident (External) Account exemption: interest credited to defined external accounts is not subject to TDS after amendment.
The amendment limited the non-deduction of tax at source to interest credited to Non-resident (External) Accounts as defined under foreign exchange law, replacing the broader category of non-resident account effective April 1, 1969; a government notification defined that account type and prior instructions exempting interest in non-resident accounts therefore now apply only to the defined Non-resident (External) Account while the Board considers the broader question of TDS applicability to incomes exempt under the income exemption provision.
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