Tax exemption for IFSC investment divisions expanded to cover offshore banking unit income, NDF transfers and aircraft lease royalties. Amendments to section 10 extend exemptions to income attributable to the investment division of offshore banking units in an IFSC, add exemptions for non-residents from transfers of non-deliverable forward contracts and for royalties on aircraft leases paid by eligible IFSC units, revise exemptions for travel concessions, unit linked insurance policy receipts and provident fund interest related to higher contributions, raise receipt thresholds and clarify corpus treatment for educational and medical institutions, relax and clarify investor-eligibility and proportionality rules for specified foreign investors, and introduce an exemption for capital gains on relocation transfers by resultant funds; effective dates and prescribed conditions are provided.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption for IFSC investment divisions expanded to cover offshore banking unit income, NDF transfers and aircraft lease royalties.
Amendments to section 10 extend exemptions to income attributable to the investment division of offshore banking units in an IFSC, add exemptions for non-residents from transfers of non-deliverable forward contracts and for royalties on aircraft leases paid by eligible IFSC units, revise exemptions for travel concessions, unit linked insurance policy receipts and provident fund interest related to higher contributions, raise receipt thresholds and clarify corpus treatment for educational and medical institutions, relax and clarify investor-eligibility and proportionality rules for specified foreign investors, and introduce an exemption for capital gains on relocation transfers by resultant funds; effective dates and prescribed conditions are provided.
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