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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2021 proposes changes to section 10, impacting exemptions on offshore banking, insurance, and provident funds.</h1> The Finance Bill, 2021 proposes amendments to section 10 of the Income-tax Act, affecting various exemptions. Key changes include: extending exemptions to income from investment divisions of offshore banking units; exempting income from non-deliverable forward contracts and aircraft lease royalties; and imposing conditions on unit-linked insurance policies and provident fund contributions exceeding INR 250,000. It raises the exemption limit for educational and medical institutions to INR 5 crore and adjusts conditions for investments by sovereign wealth and pension funds. The amendments will be effective from April 1, 2021, or April 1, 2022, depending on the provision, impacting assessment years 2021-2022 and 2022-2023.
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