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of <h1>Tax Exemption on Interest Income Now Limited to Non-resident (External) Accounts u/s 10(4A) from April 1969.</h1> The circular clarifies that tax exemption on interest income credited to non-resident accounts applies only to Non-resident (External) Accounts as per the amendment to section 10(4A) effective April 1, 1969. Previously, all non-resident accounts were exempt from tax deductions at source, but the amendment restricts this exemption to Non-resident (External) Accounts, defined under the Foreign Exchange Regulation Act, 1947. The Ministry of Finance issued a notification detailing this scope, and further instructions will be provided once a decision on tax deduction applicability under sections 192, 193, 194, 194A, or 195 is made.
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