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of <h1>Finance Bill 2023: Key Amendments to Income-Tax Act Section 10 on Income Exclusions and New Clauses Introduced</h1> The Finance Bill, 2023 proposes amendments to section 10 of the Income-tax Act, impacting various clauses related to income exclusions. Key changes include updates to clause (4D) regarding specified funds under the International Financial Services Centres Authority regulations, and clause (4E) concerning non-resident income from offshore derivatives. Amendments to clause (10D) address life insurance policy exemptions, particularly for policies issued after April 1, 2023, with premiums exceeding five lakh rupees. New clauses, such as (12C) for the Agniveer Corpus Fund and (46A) for certain bodies or authorities, are introduced, while clauses (23EB), (26A), and (41) are omitted. These changes have varying effective dates, primarily from April 2023 and April 2024.
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