Section 217 Application of benefits under sections 212 to 216
- Part
- E.—Special provisions relating to non-residents and foreign companies
- Amendments
- 1
Section 217 substituted by Finance Act, 2026, s. 60, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 217"(1) Where a non-resident Indian in any tax year,––
Section 217 substituted by Finance Act, 2026, s. 60, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 217"(a) becomes assessable as a resident in India in respect of total income in a subsequent year; and
Section 217 substituted by Finance Act, 2026, s. 60, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 217"(b) furnishes a declaration in writing to the Assessing Officer along with his return of income under section 263 for the tax year for which he is so assessable, to the effect that provisions of sections 212 to 216 shall continue to apply to him in relation to the investment income derived from any foreign exchange asset referred to in section 212(e) other than shares in an Indian company, then the provisions of sections 212 to 216 shall continue to apply in relation to such income for that tax year and every subsequent tax year until the transfer or conversion (otherwise than by transfer) of such assets into money.
Section 217 substituted by Finance Act, 2026, s. 60, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 217"(2) A non-resident Indian may choose not to be governed by the provisions of sections 212 to 216 for any tax year by declaring it in his return of income under section 263 for such tax year, and if he does so,—
Section 217 substituted by Finance Act, 2026, s. 60, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 217"(a) the provisions of sections 212 to 216 shall not apply to him for that tax year; and
Section 217 substituted by Finance Act, 2026, s. 60, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 217"(b) his total income for that tax year shall be computed and charged to tax according to the other provisions of this Act.