India - Income Tax Act 2010 - Saarc

1.61 CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME S. 10(15)Provided also that in a case where the bonds are encashed in aprevious year prior to their maturity by an individual who is soentitled, the provisions of this sub-clause shall not apply to suchindividual in relation to the assessment year relevant to such previousyear :17[Provided also that the Central Government shall not specify, for thepurposes of this sub-clause, such bonds on or after the 1st day of June,2002.]Explanation.—For the purposes of this sub-clause, the expression“non-resident Indian” shall have the meaning assigned to it in clause(e) of section 115C;](iii) interest on securities held by the Issue Department of the CentralBank of Ceylon constituted under the Ceylon Monetary Law Act, 1949;18[(iiia) interest payable to any bank incorporated in a country outsideIndia and authorised to perform central banking functions in thatcountry on any deposits made by it, with the approval of the ReserveBank of India, with any scheduled bank.Explanation.—For the purposes of this sub-clause, “scheduledbank” shall have the meaning assigned to it in 19 [clause (ii) of theExplanation to clause (viia) of sub-section (1) of section 36];]20[(iiib) interest payable to the Nordic Investment Bank, being amultilateral financial institution constituted by the Governments ofDenmark, Finland, Iceland, Norway and Sweden, on a loan advancedby it to a project approved by the Central Government in terms of theMemorandum of Understanding entered into by the CentralGovernment with that Bank on the 25th day of November, 1986;]21[(iiic) interest payable to the European Investment Bank, on a loangranted by it in pursuance of the framework-agreement for financialco-operation entered into on the 25th day of November, 1993 by theCentral Government with that Bank;](iv) interest payable—22[(a) by Government or a local authority on moneys borrowed byit before the 1st day of June, 2001 from, or debts owed by itbefore the 1st day of June, 2001 to, sources outside India;](b) by an industrial undertaking in India on moneys borrowedby it under 23 [a loan agreement entered into before the 1st day17. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003.18. Inserted by the Finance Act, 1985, w.e.f. 1-4-1985.19. Substituted for “the Explanation to clause (iii) of sub-section (5) of section 11” by the DirectTax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.20. Inserted by the Taxation Laws (Amendment) Act, 2003, w.r.e.f. 1-4-2001.21. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005.22. Substituted by the Finance Act, 2001, w.e.f. 1-4-2002. Prior to its substitution, item (a), asamended by the Finance Act, 1983, w.e.f. 1-4-1983, read as under :“(a) by Government or a local authority on moneys borrowed by it from, or debts owedby it to, sources outside India ;”23. Substituted for “a loan agreement entered into with any such financial institution” by theFinance Act, 2001, w.e.f. 1-4-2002.