https://www.taxtmi.com/circulars?id=54631 IBUs established in IFSCs are treated as Offshore Banking Units; accordingly, tax need not be deducted at source on interest paid by such IBUs on deposits made on or after 1 April 2005 by non-residents or persons not ordinarily resident in India, and on borrowings from such persons made on or after that date, and such interest is excluded from total income under the corresponding exemption for interest paid by offshore banking units. en-us Mon, 04 Jul 2016 00:00:00 +0530 Mon, 15 Apr 2024 17:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=54631 IBUs established in IFSCs are treated as Offshore Banking Units; accordingly, tax need not be deducted at source on interest paid by such IBUs on deposits made on or after 1 April 2005 by non-residents or persons not ordinarily resident in India, and on borrowings from such persons made on or after that date, and such interest is excluded from total income under the corresponding exemption for interest paid by offshore banking units. Circulars Income Tax Mon, 04 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/circulars?id=54631