incomes that are exempt from tax u/s 10

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Querist : Anonymous

Querist : Anonymous (Querist)

03 July 2010 sir, can u please explain me section 10(4) and 10(4B) of income tax....?????
please sir....!!!!!
thanks a lot in advance.... plzz help me out!!!

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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03 July 2010 10(4)
Income Exempt: Interest Income on notified Govt Securities and Bonds is exempt.
This section is applicable to Non residents.( Foreigners included)

10(4B)
Income Exempt: Interest Income on notified Saving Certificates is exempt.

This section is applicable to Non Resident Indians only. ( Non Resident+ person of Indian Origin or Indian Citizen)

Basically both sections 10(4)(i) and 10(4B)(i) are related with Interest Receivable from the Govt by NR or NRI.

10(4)(ii)
Interest on Non Resident External A/c in any bank in India is exempt for NRIs.
The deposits in NRE A/c is made in convertible foreign exchange by NRIs. This section is inserted for bringing more Foreign Exchange to our country.
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