Tax exemption on distributed profits expanded to cover dividends paid from IFSC accumulated income as well as current income.

The amendment to section 115 O(8) treats dividends declared, distributed or paid by a company that is an International Financial Services Centre unit and derives income solely in convertible foreign exchange as not chargeable to tax on distributed profits when paid out of its current income or income accumulated as an IFSC unit after 1 April 2017; the substitution in wording takes effect from 1 September 2019.

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