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Interest on Securities [Section 10(15)]

Interest incomes which are exempt under section 10(15) could be explained with the help of the following table-

Section

Income

Exemption to

10(15)(i)

Interest, premium on redemption, or other payment on notified securities, bonds, certificates, and deposits, etc. (subject to notified conditions and limits)

All assesses

10(15)(iib)

Interest on notified Capital Investment Bonds notified prior to 1-6-2002

Individual/HUF

10(15)(iic)

Interest on notified Relief Bonds

Individual/HUF

10(15)(iid)

Interest on notified bonds (notified prior to 1-6-2002) purchased in foreign exchange (subject to certain conditions)

Individual - NRI/ nominee or survivor of NRI / individual to whom bonds have been gifted by NRI

10(15)(iii)

Interest on securities

Issue Department of Central Bank of Ceylon

10(15)(iiia)

Interest on deposits made with scheduled bank with approval of RBI

Bank incorporated

Abroad

10(15)(iiib)

Interest payable to Nordic Investment Bank

Nordic Investment Bank

10(15)(iiic)

10(15)(iiic) Interest payable to the European Investment Bank on loan granted by it in pursuance of framework agreement dated 25-11-1993 for financial corporation between Central Government and that bank

European Investment bank

10(15)(iv)(a)

Interest received from Government or from local authority on moneys lent to it before 1-6-2001 or debts owed by it before 1-6-2001, from sources outside India

All assessees who have lent money, etc., from sources outside India

10(15)(iv)(b)

Interest received from industrial undertaking in India on moneys lent to it under a loan agreement entered into before 1-6-2001

Approved foreign financial institution

10(15)(iv)(c)

Interest at approved rate received from Indian industrial undertaking on moneys lent or debt incurred before 1-6-2001 in a foreign country in respect of purchase outside India of raw materials, components or capital plant and machinery, subject to certain limits and conditions

All assessees who have lent such money, or in favour of whom such debt has been incurred

10(15)(iv)(d)

Interest received at approved rate from specified financial institutions in India on moneys lent from sources outside India before 1-6-2001

All assessees who have lent such moneys

10(15)(iv)(e)

Interest received at approved rate from other Indian financial institutions or banks on moneys lent for specified purposes from sources outside India before 1-6-2001 under approved loan agreement

All assessees who have lent such moneys

10(15)(iv)(f)

Interest received at approved rate from Indian industrial undertaking on moneys lent in foreign currency from sources outside India under loan agreement approved before 1-6-2001

All assessees who have lent such moneys

10(15)(iv)(fa)

Interest payable by scheduled bank, on deposits in foreign currency when acceptance of such deposits by bank is approved by RBI

Non-resident or individual/HUF who is not ordinarily resident in India

10(15)( iv)(g)

Interest received at approved rate, from Indian public companies eligible for deduction under section 36(1)(viii) and formed with main object of providing long-term housing finance, on moneys lent in foreign currency from sources outside India under loan agreement approved before 1-6-2003

All assessees who have lent such moneys

10(15)( iv)(h)

Interest received from any public sector company in respect of notified bonds or debentures and subject to certain conditions

All assesses

10(15)( iv)(i)

Interest received from Government on deposits in notified scheme out of moneys due on account of retirement

Individual –Employee of Central Government/ State Government/Public sector company

10(15)(v)

Interest on securities held in Reserve Bank’s SGL A/c No. SL/DH-048 and Deposits made after 31-3-1994 for benefit of victims of Bhopal Gas Leak Disaster held in such account with RBI or with notified public sector bank

Welfare Commissioner, Bhopal Gas Victims, Bhopal

10(15)(vi)

Interest on Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 or deposit certificates issued under the Gold Monetisation Scheme, 2015

All assesses

10(15)(vii)

10(15)(vii) Interest on notified bonds issued by a local authority/State Pooled Finance Entity

All assesses

10(15)(viii)

Interest on deposit made on or after 1-4-2005 in an Offshore Banking Unit referred to in section 2(u) of the Special Economic Zones Act, 2005

Non-resident or person who is not ordinarily resident

 

 

 

 

More Topics... @ Exempted Incomes
Exempted Incomes : Sec.10(1) to Sec.(4)(ii)
Exempted Incomes : Section-10(7)-Section-10(9)
Exempted Incomes : Section-10(10)-Sec-10(A)-Sec-10(AA)-Sec-10(B)
Exempted Incomes : Section-10(10BB)-Sec-10(10BC)-Sec-10(C)
Exempted Incomes : Section-10(10CC),Sec-10(10D),Sec-10(11),Sec-10(12),Sec-10(13)
Exempted Incomes : Section-10(15A),Sec-10(16),Sec-10(17),Sec-10(17A)
Exempted Incomes : Section-10(18),Sec-10(19),Sec-10(19A),Sec-10(20)
Exempted Incomes : Section-10(21),Sec-10(22B),Sec-10(23A),Sec-10(23AA)
Exempted Incomes : Section-10(23AAA),Sec-10(23MB),Sec-10(23A),Sec-10(23AA)
Exempted Incomes : Section-10(23BBA),Sec-10(23BBB),Sec-10(23BBC),Sec-10(23BBE),Sec-10(23BBH)
Exempted Incomes : Section-10(23C),Sec-10(23D),Sec-10(23DA),Sec-10(23EA),Sec-10(23EB),Sec-10(ED)
Exempted Incomes : Section-10(23FB),Sec-10(24),Sec-10(25),Sec-10(25A),Sec-10(26A)
Exempted Incomes : Sec.10(4B) to Sec.10(6)
Exempted Incomes : Section-10(26AAN),Sec-10(26AAB),Sec-10(26B),Sec-10(26BB),Sec-10(26BBB)
Exempted Incomes : Section-10(27),Sec-10(29A),Sec-10(30),Sec-10(31),Sec-10(32)
Exempted Incomes : Section-10(33),Sec-10(34),Sec-10(34A),Sec-10(35),Sec-10(35A),Sec-10(36)
Exempted Incomes : Section-10(37),Sec-10(38),Sec-10(39),Sec-10(40),Sec-10(41)
Exempted Incomes : Section-10(42),Sec-10(43),Sec-10(44),Sec-10(45),Sec-10(46),Sec-10(47),Sec-10(48),Sec-10(49)
Exempted Incomes : Section 10(6A), (6B), (6BB) and (6C)
List of Exempted Incomes (Tax-Free) Under Section-10
 
 
 
 
 
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