Government of India
Ministry of Finance
16-October-2015 19:45 IST
Income from display of rough diamonds in Special Notified Zone carried-out on or after 1st April, 2015 not to be taxable under the provisions of the 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 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.
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Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
PRESS RELEASE
New Delhi, 16th October, 2015
Subject: Taxation of income from display of rough diamonds in “Special Notified
Zone”-regarding
A “Special Notified Zone” has been 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 has been considered by the Government.
It has been decided that the activity of mere display of uncut diamond (without sorting or sale) inside a Special Notified Zone carried out on or after 1st April, 2015 shall not be taxable under the provisions of the Income-tax Act, 1961. Legislative amendment in this regard shall be carried out through Finance Bill 2016.
(Shefali Shah)
Pr. Commissioner of Income Tax (OSD)
Official Spokesperson, CBDT
