India - Income Tax Act 2010 - Saarc

1.67 CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME S. 10(16)in accordance with the guidelines for the Pooled Finance DevelopmentScheme notified by the Central Government in the Ministry of UrbanDevelopment;]70[(viii) any income by way of interest received by a non-resident ora person who is not ordinarily resident, in India on a deposit made onor after the 1st day of April, 2005, in an Offshore Banking Unit 71referred to in clause (u) of section 2 of the Special Economic ZonesAct, 2005;]72[(15A) any payment made, by an Indian company engaged in the business ofoperation of aircraft, to acquire an aircraft or an aircraft engine(other than a payment for providing spares, facilities or services inconnection with the operation of leased aircraft) on lease from theGovernment of a foreign State or a foreign enterprise under anagreement 73 [ 74 [, not being an agreement entered into between the 1stday of April, 1997 and the 31st day of March, 1999,] and] approved bythe Central Government in this behalf :75[Provided that nothing contained in this clause shall apply to anysuch agreement entered into on or after the 76 [1st day of April,77[2007]].]Explanation.—For the purposes of this clause, the expression“foreign enterprise” means a person who is a non-resident;]78(16) 79 scholarships granted to meet the cost of education;70. Inserted by the Special Economic Zones Act, 2005, w.e.f. 10-2-2006.71. For definition of “offshore banking unit”, see Appendix.72. Substituted by the Finance Act, 1995, w.e.f. 1-4-1996. Prior to its substitution, clause (15A)was inserted by the Income-tax (Amendment) Act, 1989, w.e.f. 24-1-1989.73. Inserted by the Finance Act, 1997, w.e.f. 1-4-1998.74. Substituted for “entered before the 1st day of April, 1997” by the Finance Act, 1999, w.e.f.1-4-2000.75. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2006.76. Substituted for “1st day of October, 2005” by the Taxation Laws (Amendment) Act, 2005,w.e.f. 1-4-2006. Earlier “1st day of October, 2005” was substituted for “1st day of April,2005” by the Finance Act, 2005, w.e.f. 1-4-2006.77. Substituted for “2006” by the Finance Act, 2006, w.e.f. 1-4-2007.78. See also Letter [F. No. 24/35/66-IT(A-I)], dated 4-10-1966, Letter [F. No. 24/2/69-IT(A-I)], dated 14-1-1968, Letter [F. No. 24/25/68-IT(A-I)], dated 18-9-1966, Letter [F. No. 24/22/67-IT(A-I)], dated 7-7-1967, Letter [F. No. 25/37/66-IT(A-I)], dated 2-12-1966, Letter [F.No. 24/7/64-IT(A-I)], dated 24-3-1964, Letter [F. No. 24/4/64-IT(A-I)], dated 12-2-1964,Letter [F. No. 24/34/62-IT(A-I)], dated 25-1-1963, Circular No. 3(XXIII-23), dated 12-1-1961, Circular No. 49(XXIII-12), dated 13-12-1956, Income-tax Circulars, published byDirectorate of Inspection (Research, Statistics and Publication), 1968 edn., p. 89 andCircular No. 11(XXIII-24), dated 4-4-1961. For details, see Taxmann’s Master Guide toIncome-tax Act.79. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.