Income from display of rough diamonds in SNZ carried-out on or after 1 April 2015 not to be taxable under provisions of Income-tax Act, 1961

It has been decided that the income arising out of the activity of mere display of uncut diamond (without sorting or sale) inside a Special Notified Zone (SNZ) carried-out on or after 1st April, 2015 will not be taxable under the provisions of the Income-tax Act, 1961. Legislative amendment in this regard will be carried-out through Finance Bill 2016.

Earlier, a Special Notified Zone was established in the Bharat Diamond Bourse. To facilitate the participation of leading diamond mining companies of the world in this zone, the matter of taxation of income arising from the activity of mere display of uncut diamonds (without sorting or sale) in the Special Notified Zone was being considered by the Government.

Powered by Capital Market - Live News