India - Income Tax Act 2010 - Saarc

1.63 CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME S. 10(15)36[or the Small Industries Development Bank of India establishedunder section 3 of the Small Industries DevelopmentBank of India Act, 1989 (39 of 1989),] or the Industrial Creditand Investment Corporation of India [a company formed andregistered under the Indian Companies Act, 1913 (7 of 1913)],on any moneys borrowed by it from sources outside India37[before the 1st day of June, 2001], to the extent to which suchinterest does not exceed the amount of interest calculated atthe rate approved by the Central Government in this behalf,having regard to the terms of the loan and its repayment;]38[(e) by any other financial institution established in India or abanking company to which the Banking Regulation Act, 1949(10 of 1949), applies (including any bank or banking institutionreferred to in section 51 of that Act), on any moneysborrowed by it from sources outside India 39 [before the 1stday of June, 2001] under a loan agreement approved by theCentral Government where the moneys are borrowed eitherfor the purpose of advancing loans to industrial undertakingsin India for purchase outside India of raw materials or capitalplant and machinery or for the purpose of importing anygoods which the Central Government may consider necessaryto import in the public interest, to the extent to whichsuch interest does not exceed the amount of interest calculatedat the rate approved by the Central Government in thisbehalf, having regard to the terms of the loan and its repayment;]40[(f) by an industrial undertaking in India on any moneysborrowed by it in foreign currency from sources outsideIndia under a loan agreement approved by the CentralGovernment 41 [before the 1st day of June, 2001] havingregard to the need for industrial development in India, to theextent to which such interest does not exceed the amount ofinterest calculated at the rate approved by the Central Governmentin this behalf, having regard to the terms of the loan andits repayment;42[(fa) by a scheduled bank 43 [***] 44 [to a non-resident or to a personwho is not ordinarily resident within the meaning of sub-36. Inserted by the Finance Act, 1992, w.e.f. 1-4-1992.37. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.38. Inserted by the Direct Taxes (Amendment) Act, 1974, w.r.e.f. 1-4-1973.39. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.40. Inserted by the Finance Act, 1976, w.e.f. 1-6-1976.41. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.42. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1991.43. Words “before the 1st day of April, 2005” omitted by the Finance Act, 2005, w.e.f. 1-4-2006.Earlier the quoted words were inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2006.44. Inserted by the Finance Act, 1993, w.e.f. 1-4-1993.