Interest on securities which is exempt u/s 10(15)




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Interest on securities which is exempt u/s 10(15)

Interest incomes which are exempt under section 10(15) are as under:

Section

 Exemption to Income
10(15)(i) All assessees Interest, premium on redemption, or other payment on notified securities, bonds, certificates, and deposits, etc. (subject to notified conditions and limits)
10(15)(iib) Individual/HUF Interest on notified Capital Investment Bonds notified prior to 1-6-2002
10(15)(iic) Individual/HUF Interest on notified Relief Bonds
10(15)(iid) Individual – NRI/ nominee or survivor of NRI/individual to whom bonds have
been gifted by NRI		 Interest on notified bonds (notified prior to 1-6-2002) purchased in foreign exchange (subject to certain
conditions)
10(15)(iii) Issue Department of Central Bank of
Ceylon		 Interest on securities
10(15)(iiia) Bank incorporated abroad Interest on deposits made with scheduled bank with approval of RBI
10(15)(iiib) Nordic Invstment Bank Interest payable to Nordic Investment Bank
10(15)(iiic) European Investment Bank 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
10(15)(iv)(a) All assessees who have lent money, etc., from sources outside India 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
10(15)(iv)(b) Approved foreign financial institution Interest received from industrial undertaking in India on moneys lent to it under a loan agreement entered into before 1-6-2001
10(15)(iv)(c) All assessees who have lent such
money, or in favour of whom such debt has been incurred		 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
10(15)(iv)(d) All assessees who have lent such
moneys		 Interest received at approved rate from specified financial institutions in India on moneys lent from
sources outside India before 1-6-2001
10(15)(iv)(e) All assessees who have lent such
moneys		 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
10(15)(iv)(f) All assessees who

have lent such
moneys

 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
10(15)(iv)(fa) Non-resident or

individual/HUF who

is not ordinarily
resident in India

 Interest payable by scheduled bank, on deposits in foreign currency when acceptance of such deposits by bank is approved by RBI
10(15)( iv)(g) All assessees who have lent such
moneys		 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
10(15)( iv)(h) All assessees Interest received from any public sector company in respect of notified bonds or debentures and subject to certain conditions
10(15)( iv)(i) Individual – Employee of Central Government/State Government/Public sector company Interest received from Government on deposits in notified scheme out of moneys due on account of retirement
10(15)(v) Welfare Commissioner, Bhopal Gas Victims, Bhopal 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
10(15)(vi) All assessees Interest on Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 or deposit certificates issued
under the Gold Monetisation Scheme, 2015
10(15)(vii) All assessees 10(15)(vii) Interest on notified bonds issued by a local authority/State Pooled Finance Entity
10(15)(viii) Non-resident or person who is not ordinarily resident 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
10(15)(ix) Non-resident

Interest payable by a unit located in an International Financial Services Centre in respect of monies borrowed by it on or after the 1st day of September, 2019.




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