Activity of mere display of uncut diamond inside a Special Notified Zone shall not be taxable under the provisions of the Income-tax Act

by

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

 

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