The Central Board of Direct taxes notified Income-tax (33rd Amendment) Rules, 2021 further to amend the Income-tax Rules,1962.


Key features:

  • In the Income-tax Rules, 1962, the following rule shall be inserted, namely:

21AK. Conditions for the purpose of clause (4E) of section 10: (1) The income accrued or arisen to, or received by, a non-resident as a result of transfer of non-deliverable forward contracts under clause (4E) of section 10 of the Act, shall be exempted subject to fulfillment of the following conditions, namely:

(i) the non-deliverable forward contract is entered into by the non-resident with an offshore banking unit of an International Financial Services Centre which holds a valid certificate of registration granted under International Financial Services Centres Authority (Banking) Regulations, 2020 by the International Financial Services Centres Authority; and
(ii) such contract is not entered into by the non-resident through or on behalf of its permanent establishment in India .

(2) The offshore banking unit shall ensure that the condition provided in clause (ii) of sub-rule (1) is complied with.

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