Whether non-resident person (corporate as also non-corporate) owning 4 per cent National Defence Loan, 1968 and 43/4 per cent National Defence Loan, 1972, are entitled to receive interest thereon without deduction of tax at source https://www.taxtmi.com/circulars?id=4422 Non resident persons holding specified government defence loans are exempt from income tax on interest and entitled to receive interest without deduction at source under section 193. Resident persons are taxable on such interest, though resident individuals are exempt from deduction at source under clause (ia) of the proviso to section 193; resident persons other than individuals remain subject to deduction. Foreign banks must furnish a declaration of beneficial ownership to the Public Debt Office; tax treatment of interest payments follows the declared beneficial ownership status. en-us Mon, 14 Apr 1969 00:00:00 +0530 Tue, 29 Jul 2008 17:20:00 +0530 TaxTMI RSS Generator Whether non-resident person (corporate as also non-corporate) owning 4 per cent National Defence Loan, 1968 and 43/4 per cent National Defence Loan, 1972, are entitled to receive interest thereon without deduction of tax at source https://www.taxtmi.com/circulars?id=4422 Non resident persons holding specified government defence loans are exempt from income tax on interest and entitled to receive interest without deduction at source under section 193. Resident persons are taxable on such interest, though resident individuals are exempt from deduction at source under clause (ia) of the proviso to section 193; resident persons other than individuals remain subject to deduction. Foreign banks must furnish a declaration of beneficial ownership to the Public Debt Office; tax treatment of interest payments follows the declared beneficial ownership status. Circulars Income Tax Mon, 14 Apr 1969 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4422