India - Income Tax Act 2010 - Saarc

S. 10(5) I.T. ACT, 1961 1.42has been permitted by the Reserve Bank of India to maintain theaforesaid Account ;]]99[***]1[(4B) in the case of an individual, being a citizen of India or a person ofIndian origin, who is a non-resident, any income from interest on suchsavings certificates issued 2 [before the 1st day of June, 2002] by theCentral Government as that Government may, by notification in theOfficial Gazette 3 , specify in this behalf :Provided that the individual has subscribed to such certificatesin convertible foreign exchange remitted from a country outsideIndia in accordance with the provisions of the ForeignExchange Regulation Act, 1973 (46 of 1973), and any rules madethereunder.Explanation.—For the purposes of this clause,—(a) a person shall be deemed to be of Indian origin if he, or either ofhis parents or any of his grandparents, was born in undividedIndia ;(b) “convertible foreign exchange” means foreign exchange which isfor the time being treated by the Reserve Bank of India asconvertible foreign exchange for the purposes of the ForeignExchange Regulation Act, 1973 (46 of 1973), and any rules madethereunder ;]4[(5) in the case of an individual, the value of any travel concession orassistance received by, or due to, him,—(a) from his employer for himself and his family, in connection withhis proceeding on leave to any place in India ;(b) from his employer or former employer for himself and hisfamily, in connection with his proceeding to any place in Indiaafter retirement from service or after the termination of hisservice,subject to such conditions as may be prescribed 5 (including conditionsas to number of journeys and the amount which shall be exempt99. Omitted by the Finance Act, 2005, w.e.f. 1-4-2006. Prior to its omission, second proviso, asinserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2006, read as under :“Provided further that nothing contained in this sub-clause shall apply to any income byway of interest paid or credited on or after the 1st day of April, 2005 to the Non-Resident(External) Account of such individual;”1. Inserted by the Finance Act, 1982, w.e.f. 1-4-1983.2. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003.3. For specified savings certificates, see Notification No. SO 653(E), dated 8-9-1982. Fordetails, see Taxmann’s Master Guide to Income-tax Act.4. Substituted by the Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1989. Earlierclause (5) was amended by the Finance Act, 1975, w.e.f. 1-4-1975, the Taxation Laws(Amendment) Act, 1970, w.r.e.f. 1-4-1962 and the Direct Tax Laws (Amendment) Act, 1987,w.e.f. 1-4-1989.5. Rule 2B prescribes the conditions as well as quantum of exemption, which are as follows :Conditions to be satisfied - Conditions to be satisfied are as under :(Contd. on p. 1.43)