Tax exemption for IFSC units extended and clarified, including FPIs, ship leasing income and pension withdrawal rules. Amendments revise exclusions from total income by extending eligibility dates, adding Foreign Portfolio Investor units of an International Financial Services Centre to the scope of offshore derivatives exclusions with a defined meaning, expanding asset references from aircraft to aircraft or ship with tailored definitions, extending long-term capital gains and investment windows, adjusting proviso treatment for sums received on death or under IFSC-issued life insurance policies, and inserting an exemption for partial National Pension System withdrawals by a parent or guardian from a minor's account subject to regulatory limits.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption for IFSC units extended and clarified, including FPIs, ship leasing income and pension withdrawal rules.
Amendments revise exclusions from total income by extending eligibility dates, adding Foreign Portfolio Investor units of an International Financial Services Centre to the scope of offshore derivatives exclusions with a defined meaning, expanding asset references from aircraft to aircraft or ship with tailored definitions, extending long-term capital gains and investment windows, adjusting proviso treatment for sums received on death or under IFSC-issued life insurance policies, and inserting an exemption for partial National Pension System withdrawals by a parent or guardian from a minor's account subject to regulatory limits.
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