https://www.taxtmi.com/acts?id=53167 A person who ceases to be a non-resident and becomes resident may preserve the benefits of the specified foreign investment income provisions by declaring this in the return; those provisions continue to apply to qualifying foreign exchange asset income until transfer or conversion, unless the person elects to opt out for a tax year, in which case total income is computed under other Act provisions. Separately, where total income includes specified income of Offshore Banking Units or IFSC units, that specified income is taxed at a flat rate while the balance is taxed at rates in force, and the aggregate liability is the combination of those computations. en-us Sun, 01 Feb 2026 15:20:47 +0530 Sun, 01 Feb 2026 15:20:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=53167 A person who ceases to be a non-resident and becomes resident may preserve the benefits of the specified foreign investment income provisions by declaring this in the return; those provisions continue to apply to qualifying foreign exchange asset income until transfer or conversion, unless the person elects to opt out for a tax year, in which case total income is computed under other Act provisions. Separately, where total income includes specified income of Offshore Banking Units or IFSC units, that specified income is taxed at a flat rate while the balance is taxed at rates in force, and the aggregate liability is the combination of those computations. Act-Rules Bills Sun, 01 Feb 2026 15:20:47 +0530 https://www.taxtmi.com/acts?id=53167