Income in respect of units of non-residents

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..... from the specified company referred to in the Explanation to clause (35) of section 10 ] shall, at the time of credit of such income to the account of the payee or at the time of payment thereof 6 [ by any mode ] , whichever is earlier, deduct income-tax thereon at the rate of twenty per cent : 8 [ Provided that where an agreement referred to in sub-section (1) of section 90 or sub-sectio .....

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..... eign currency, in accordance, in either case, with the provisions of 3 [the Foreign Exchange Management Act, 1999 (42 of 1999) ], and the rules made thereunder. Explanation . -For the purposes of this section- ( a ) foreign currency shall have the meaning assigned to it in 4 [the Foreign Exchange Management Act, 1999 (42 of 1999)]; ( b ) non-resident Indian shall have the m .....

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..... 1, w.e.f. 1-10-1991 and the Finance Act, 1994, w.e.f. 1-6-1994. 2. Inserted by the Finance Act, 2003, w.e.f. 1-4-2003. Earlier the proviso was inserted by the Finance Act, 1999, w.e.f. 1-6-1999 and later on omitted by the Finance Act, 2002, w.e.f. 1-6-2002. 3. Substituted vide Finance Act, 2013 w.e.f. April 1, 2014 , before it was read as the Foreign Exchange Regulation Act, 1973 (46 o .....

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