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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Clarification on Tax Exemption for IFSC Banking Units u/ss 197A(1D) & 10(15)(viii) of Income-tax Act 1961.</h1> The circular clarifies the applicability of Sections 197A(1D) and 10(15)(viii) of the Income-tax Act, 1961, concerning interest paid by IFSC Banking Units (IBUs) in Special Economic Zones. It confirms that IBUs, established under the RBI Scheme and considered Offshore Banking Units, are exempt from tax deduction at source on interest paid to non-residents or persons not ordinarily resident in India, for deposits or borrowings made on or after April 1, 2005. This aligns with the definitions and provisions outlined in the Special Economic Zones Act, 2005.
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