Govt. Notifies Investment in Financial Product By NR With ‘IFSC Capital Market Intermediary’ for Sec. 10(4G) Exemption
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Notification No. 04/2024, dated 04-01-2024
Section 10(4G) exempts income earned by a non-resident from its portfolio subject to certain conditions. With effect from Assessment Year 2024-25, the Finance Act 2023 has extended the scope of this exemption to any income received by a non-resident from the specified activity carried out by the specified person. The Central Government is empowered to notify the activity and the person who can carry out such activity.
Exercising such power, the Central Government has notified the non-resident’s activity of investment in a financial product, in accordance with the contract with such non-resident entered into by a capital market intermediary, being a Unit of an International Financial Services Centre.
The income generated from this investment will be received in the non-resident’s account maintained with the Offshore Banking Unit of the mentioned International Financial Services Centre, as specified in sub-section (1A) of section 80LA.
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