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of <h1>Section 9(1)(v) of Income Tax Act: Interest Payments by Government or Residents Considered Indian Income; Exceptions Apply for Non-Residents.</h1> Section 9(1)(v) of the Income Tax Act addresses income deemed to accrue or arise in India, specifically regarding interest payments. Interest payable by the government or a resident is considered income in India unless the debt is used for business or income generation outside India. For non-residents, interest on debts for businesses in India is deemed Indian income. Additionally, for non-resident banking entities, interest paid by their Indian permanent establishment to their foreign head office is taxable in India. The Indian establishment is treated as an independent entity for tax purposes, and relevant tax provisions apply.
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