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OFFSHORE BANKING UNITS
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No deduction of
tax at source by the Offshore Banking Unit [Section
197A(1D)]:
Notwithstanding anything contained in this section, no deduction of
tax shall be made by the Offshore Banking Unit from the interest
paid:
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On deposit made on or after the 1st day of April' 2005, by a
non-resident or a person not ordinarily resident in India; or
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On borrowing, on or after the 1st day of April' 2005, from a non
-resident or a person not ordinarily resident in India.
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