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Non-Taxable Income of NRI |
1. Interest on Non-resident (External) Account - Interest on Non-resident (External) Account is fully exempt from Income-tax under section 10(4)(ii) of Income-tax Act.
2. Interest on National Savings Certificates - Interest on National Savings Certificates is completely exempt from Income-tax under section 10(4B) of Income-tax Act.
3. Remuneration of Non-citizens is exempt from Income-tax - There are certain exemptions meant only for non-citizens of India. A Non-resident who is not a citizen of Indian even though he is of Indian origin would also be entitled to such exemptions as are given in section 10(6) of Income-tax Act.
4. Other main fully exempted Incomes - Residents as well as non-residents enjoy certain incomes which are fully exempt from Income-tax, e.g.
(a) Agricultural Income under Section 10(1) of Income-tax Act, Section 2(1A) defines the expression "agricultural income".
(b) Any income derived from such land.
5. Casual Income - Casual Income upto Rs.5,000 is completely exempt from Income-tax under Section 10(3) of Income-tax Act.
6. Certain Interest Payments - Incomes exempt from Income-tax as per Section 10(15) of Income-tax Act.
7. Scholarships - As per Section 10(16) of the Income-tax Act, scholarships granted to meet the cost of education are completely exempt from Income-tax.
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