Exempt income for non-residents: qualifying IFSC transactions, certain interest, derivatives and portfolio income treated as tax-exempt.

Exemptions for non-residents cover interest on non-resident accounts and qualifying IFSC instruments, income of specified funds and investment divisions of offshore banking units subject to registration and compliance, exemptions for derivatives and offshore contracts entered into with qualifying IFSC offshore banking units provided they are not routed through a permanent establishment in India, and exemptions for royalties or interest on aircraft or ship leases and portfolio income managed through offshore banking units that accrue outside India and are not deemed to accrue in India.

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