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of <h1>Finance Act 2023 updates tax exemptions for IFSCs, life insurance, and introduces changes for Agniveer Fund and Sikkimese income.</h1> The Finance Act, 2023, amends Section 10 of the Income-tax Act, focusing on tax exemptions and conditions for non-residents and entities in International Financial Services Centres (IFSCs). Key changes include exemptions for income from certain financial transactions and leasing activities in IFSCs, with specific conditions for non-residents. Amendments also address life insurance policies, exempting premiums exceeding five lakh rupees from tax benefits, and introduce clauses for the Agniveer Corpus Fund and Sikkimese individuals' income. Additionally, various clauses are omitted or revised to update definitions and conditions for tax exemptions, effective from April 1, 2024.
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