I work in a bank. Today we have received a loan proposal where the applicant is working as IT Analyst in World Bank Group located in Chennai and getting salary more than Rs.10 lacs per annum. HR of World Bank group has given a certificate stating under section 19 on the Convention on the Privileges and Immunities of the Specialized Agencies of United Nations acceded by Government of India the income earned by this employee is tax free. Is it possible to have salary income that is tax free? It is not taxed in United States where the employer World Bank is located nor taxed in India where the employer is having an office. Please clarify under what section of income tax act this comes.
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Tax free salary from World Bank
Replies (2)
Have you received any solution to that. I m having same quarry for one of the consultants of World bank they have quoted same article to him.
Under section 10(42) based on the convention treaty agreement by central Govt with world bank, the salary received from world bank in India is exempt from tax in the hands of employee.
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