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    Question

    What amendment has the Finance Ministry made to Income

    Tax Rules regarding non-residents and foreign companies opening bank accounts in IFSC Gift City?
    A Exemption from filing any declaration Correct Answer Incorrect Answer
    B Submission of PAN mandatory Correct Answer Incorrect Answer
    C Filing a declaration in Form 60 instead of PAN Correct Answer Incorrect Answer
    D Removal of all tax-related requirements Correct Answer Incorrect Answer
    E Requirement of a tax liability in India Correct Answer Incorrect Answer

    Solution

    The Finance Ministry has amended Income Tax Rules and so now the non-residents and foreign companies opening bank accounts in IFSC Gift City will not have to furnish PAN and instead file a declaration The non-resident or the foreign company opening a bank account at the International Financial Services Centres (IFSC) will have to file a declaration in Form 60 and should not have any tax liabilities in India. Ministry of Finance                                      Union Minister: Nirmala Sitharaman Gujarat International Finance Tech-City (GIFT City) is a business district currently being constructed in the state of Gujarat. GIFT City is India’s first operational smart city with the development of world-class infrastructure and sustainable master planning, which will make GIFT at par or above par with renowned International centres

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