Section - 10(4E) (of Income Tax Act, 1961), Income-tax Act

Any income accrued or arisen to, or received by a non-resident as a result of transfer of non-deliverable forward contracts 43[or offshore derivative instruments or over-the-counter derivatives,] entered into with an offshore banking unit of an International Financial Services Centre as referred to in sub-section (1A) of section 80LA (of Income Tax Act, 1961), which fulfils such conditions as may be prescribed44;

Following clause (4E) shall be substituted for the existing clause (4E) of section 10 (of Income Tax Act, 1961) by the Finance Act, 2023, w.e.f. 1-4-2024 :

Any income accrued or arisen to, or received by a non-resident as a result of—

(i) transfer of non-deliverable forward contracts or offshore derivative instruments or over-the-counter derivatives; or

(ii) distribution of income on offshore derivative instruments, entered into with an offshore banking unit of an International Financial Services Centre referred to in sub-section (1A) of section 80LA (of Income Tax Act, 1961), which fulfils such conditions as may be prescribed;