Exemption of interest on Non-Resident (External) Accounts in the case of joint account holders under section 10(4)(ii) of the Income-tax Act, 1961--Clarification regarding

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....x Act, 1961--Clarification regarding. Circular No. 592 Dated 4/2/1991 Section 10(4)(ii) of the Income-tax Act, 1961, provides for exemption from income-tax in the case of an individual, who is a person resident outside India as defined in clause (q) of section 2 of the Foreign Exchange Regulation Act, 1973 (46 of 1973), on any income by way of interest on moneys standing to his credit in ....

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....April, 1989, because of the use of the word "person" shall not be exempt now because such joint account holders constitute a separate entity, viz. "association of persons" and cannot be said to be individuals. 3. The matter has been examined and it is clarified that the joint holders of the Non-Resident (External) Accounts do not constitute an "association of persons" by merely having these acc....