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of <h1>Tax Exemption Extended for NRIs from Kuwait u/s 10(4)(ii) Until June 30, 1991.</h1> The circular addresses tax exemptions for non-resident Indians (NRIs) repatriated from Kuwait due to the Iraqi invasion. Initially, these individuals were granted exemptions under section 10(4)(ii) of the Income-tax Act for their NRE/FCNR accounts maintained until March 31, 1991. With the end of hostilities in the Gulf, the Reserve Bank of India extended the period for maintaining these accounts in India and foreign currency assets abroad until June 30, 1991. Consequently, NRIs returning to India after August 2, 1990, are eligible for the same tax exemptions for accounts maintained up to June 30, 1991.
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