Is there any exemption available to a person from the provisions of section 206AA?

Ans. The provisions of section 206AA shall not be applicable in respect of the following income received by a non-resident (or a foreign company):

(a) Interest on bonds referred to under Section 194LC;

(b) Specified payments as referred under Rule 37BC; and

(c) Income in respect of investment in Category I or Category II AIFs as referred under Rule 114AAB.