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Income Of Certain Venture Capital Undertakings — Section 10 (23FB)

[ The Incomes of an NRI Completely Exempt from Income Tax ]

The Finance Act, 2007 has, with effect from the A.Y. 2008-2009 provided a new definition of venture capital undertaking, where the investment of a Venture Capital Company or Venture Capital Fund would be exempt from tax. Thus, “venture capital undertaking” means such domestic company whose shares are not listed in a recognized stock exchange in India and which is engaged in the:

  1. Business of:

    1. Nanotechnology

    2. Information technology relating to hardware and software development;

    3. Seed research and development;

    4. Bio-technology;

    5. Research and development of new chemical entities in the pharmaceutical sector;

    6. Production of bio-fuels; or

    7. Building and operating composite hotel-cum-convention centre with seating capacity of more than three thousand; or

    8. Developing or operating and maintaining or developing, operation and maintaining any infrastructure facility as defined in Section 80 IA(4).

2. Dairy or poultry industry.

 
The Incomes of an NRI Completely Exempt from Income Tax !
1. Interest On Non-Resident (External) Account Is Fully Exempt From Income Tax
2. Interest On NSCS Is Completely Exempt From Income Tax Under Section 10(4B)
3. Remuneration Of Non-Citizens Is Exempt From Income Tax
4. Income Of Certain Venture Capital Undertakings Section 10 (23FB)
5. Other Exempted Incomes
6. Income in Special Economic Zones, 100% EOUs etc.



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