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of <h1>Interest on NRE Accounts Exempt for Non-Resident Individuals, Including Joint Holders, under IT Act Section 10(4)(ii.</h1> Circular No. 592, dated February 4, 1991, addresses the exemption of interest on Non-Resident (External) Accounts under section 10(4)(ii) of the Income-tax Act, 1961. It clarifies that the exemption applies to individuals who are residents outside India, as defined by the Foreign Exchange Regulation Act, 1973. A controversy arose regarding whether joint account holders qualify for this exemption due to the term 'individual' introduced in 1989. The circular clarifies that joint account holders do not form an 'association of persons' and are eligible for the exemption, provided they meet the section's conditions.
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