Tax exemption expansion for specified funds and IFSC offshore banking investment divisions, subject to prescribed conditions and accounting rules. Amendments to section 10 expand exempt income categories by including investment divisions of offshore banking units in IFSCs and redefining 'specified fund' to cover Category III AIFs and certain offshore banking investment divisions registered as Category I FPIs, subject to prescribed conditions and separate accounts. New exempt items include non-resident income from non-deliverable forwards with IFSC offshore banking units, royalty or interest on aircraft leases paid by qualifying IFSC units, capital gains on share transfers in fund relocation transactions attributable to non-resident unit-holders, and time-limited exemptions for specified infrastructure financing institutions; qualification routinely depends on prescribed conditions, commencement timelines and proportionate calculation rules.
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Tax exemption expansion for specified funds and IFSC offshore banking investment divisions, subject to prescribed conditions and accounting rules.
Amendments to section 10 expand exempt income categories by including investment divisions of offshore banking units in IFSCs and redefining "specified fund" to cover Category III AIFs and certain offshore banking investment divisions registered as Category I FPIs, subject to prescribed conditions and separate accounts. New exempt items include non-resident income from non-deliverable forwards with IFSC offshore banking units, royalty or interest on aircraft leases paid by qualifying IFSC units, capital gains on share transfers in fund relocation transactions attributable to non-resident unit-holders, and time-limited exemptions for specified infrastructure financing institutions; qualification routinely depends on prescribed conditions, commencement timelines and proportionate calculation rules.
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