Quick Summary
1. Over the past few years several tax concessions have been provided to units located in International Financial Services Centre (IFSC) under the Act to make it a global hub of financial services sector. 2. In order to further incentivise operations from IFSC, it is proposed to provide the follo
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The main goal is to further incentivise operations within the International Financial Services Centre (IFSC) and make it a global hub for financial services.
Income accrued or arisen to a non-resident from the transfer of offshore derivative instruments or over-the-counter derivatives with an IFSC Offshore Banking Unit will be exempt. Income from royalty or interest on leased ships paid by an IFSC unit will also be exempt if operations commenced by March 31, 2024.
Yes, a new exemption is proposed for income received by a non-resident from portfolios of securities, financial products, or funds managed by a portfolio manager on their behalf through an IFSC Offshore Banking Unit, provided the income accrues outside India.
Specified funds will now include Category I or Category II Alternative Investment Funds regulated under the International Financial Services Centres Authority Act, 2019.
These amendments will take effect from 1st April 2023, applying to the assessment year 2023-24 and subsequent assessment years.
CAclubindia
