CBDT circular on non-deduction of tax only in respect of Non-resident (External) Account

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Whether non-deduction of tax is only in respect of interest credited to Non-resident (External) Account and not to all types of non-resident accounts

Circular: No43 [F.No. 12/98/69-ITJ], dated 20-6-1970.

1. Attention is invited to the Board’s Circular Letter F.No. 12/29/65-IT(B), dated 1-6-1965 [Annex] instructing that there should be no deduction of tax at source from interest income credited to the account of any non-resident. This instruction was issued on the basis of the provisions of section 10(4A) as introduced from April 1, 1965 which exempted from tax interest falling within this category.

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