Offshore banking and IFSC units: tax holiday extended to twenty years with anti avoidance formation limits. The amendment substitutes section 147(2) to permit a twenty year consecutive deduction for entities under sub section (1)(a) and twenty consecutive years ... Summary
Offshore banking and IFSC units: tax holiday extended to twenty years with anti avoidance formation limits.
The amendment substitutes section 147(2) to permit a twenty year consecutive deduction for entities under sub section (1)(a) and twenty consecutive years out of twenty five for entities under sub section (1)(b); limits eligibility for units commencing on or after 1 April 2026 where formed by splitting, reconstruction, reorganisation or transfer of an existing Indian business; and inserts definitions of "relevant tax year", "Unit", "aircraft" and "ship" by reference to specified laws.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
