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Rough diamond display income non-taxable from April 1

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Income gained from rough diamond display in the special notified zone, set up in the Bharat Diamond Bourse for facilitating participation of leading international diamond mining companies, on or after this April 1 will not be taxable, an official statement said on Friday.

“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,” said a finance ministry statement.

The legislative amendment for this tax development will be executed in the Finance Bill 2016, it added.

(IANS)