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of <h1>Finance Bill 2017 amends Section 10 to redefine 'person resident outside India' for tax exemption, retroactive from April 2013.</h1> The Finance Bill, 2017 proposes an amendment to section 10, specifically sub-clause (ii) of clause (4), to clarify the definition of 'person resident outside India' for exempted income purposes. This amendment addresses the provision concerning interest income on Non-Resident (External) Accounts in Indian banks, aligning the definition with the Foreign Exchange Management Act, 1999. The change is retrospective, effective from April 1, 2013, to ensure consistency with the updated legal framework, as the previous reference was to a repealed act.
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