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of <h1>Special Tax Rules for Non-Residents: 20% Tax on Interest from Foreign Exchange Assets Under Section 115E</h1> The Income Tax Act of 1961, specifically Chapter XII-A, provides special provisions for non-residents regarding foreign exchange assets. A 'foreign exchange asset' includes assets acquired with convertible foreign exchange. Non-resident ordinary (NRO) deposits made with such exchange qualify as foreign exchange assets under Section 115C. Interest from these deposits is considered 'investment income' and is taxed at 20% under Section 115E. Banks must deduct tax at this rate when paying interest on NRO deposits. The chapter aims to encourage non-resident Indians to invest foreign earnings in India, with certain repatriation restrictions on NRO accounts.
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