https://www.taxtmi.com/acts?id=53835 Section 217 continues the application of sections 212 to 216 for a non-resident Indian who later becomes resident in India, if a written declaration is filed with the return of income for the relevant tax year. The regime applies to investment income from foreign exchange assets referred to in section 212(e), other than shares in an Indian company, until the assets are transferred or converted into money. A taxpayer may also opt out of this regime for any tax year by declaring non-application in the return, in which case income is computed under the other provisions of the Act. Section 218 taxes specified business income of Offshore Banking Units or IFSC units separately at 15%, with the balance taxed at the rates in force. en-us Tue, 31 Mar 2026 15:35:59 +0530 Tue, 31 Mar 2026 15:35:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=53835 Section 217 continues the application of sections 212 to 216 for a non-resident Indian who later becomes resident in India, if a written declaration is filed with the return of income for the relevant tax year. The regime applies to investment income from foreign exchange assets referred to in section 212(e), other than shares in an Indian company, until the assets are transferred or converted into money. A taxpayer may also opt out of this regime for any tax year by declaring non-application in the return, in which case income is computed under the other provisions of the Act. Section 218 taxes specified business income of Offshore Banking Units or IFSC units separately at 15%, with the balance taxed at the rates in force. Act-Rules F. Acts / Amendment Acts Tue, 31 Mar 2026 15:35:59 +0530 https://www.taxtmi.com/acts?id=53835