Rate of tax applicable in respect of interest income in the case of foreign companies-Clarification regarding

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..... Rate of tax applicable in respect of interest income in the case of foreign companies-Clarification regarding. Under section 115A(1) of the Income-tax Act, 1961, income by way of interest received by a foreign company from Govt. or an Indian concern on moneys borrowed or debt incurred by the Govt. or the Indian concern in foreign currency, is chargeable to tax at the rate of 25 per cent. 2. .....

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..... way of interest shall be computed without allowing any deduction in respect of any expenditure or allowance. 4. The contents of this letter may be brought to the notice of all the officers working in your charge. Yours faithfully, (Sd.) B.N. Dutta, Under Secretary to the Govt. of India. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxma .....

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