Budget: Exempt entities like non-profits face hurdles due to TCS on transactions. Govt can notify exemptions/lower TCS rates for them. Effective Oct '...
Budget: Amendments clarify penalties for inaccurate info/non-compliance with due diligence under AEoI. Rs. 50K fine for errors/failures. Defense allow...
The proposed amendments aim to further incentivize operations from International Financial Services Centres (IFSCs) by expanding the scope of specified funds eligible for tax exemption to include retail funds and Exchange Traded Funds regulated under IFSCA. It also exempts specified income of Core Settlement Guarantee Funds set up by recognized clearing corporations in IFSCs. Venture Capital Funds regulated by IFSCA are proposed to be exempted from additional onus of proof for explaining source of funds u/s 68. Finance companies located in IFSCs are proposed to be excluded from the thin capitalization provisions u/s 94B, subject to prescribed conditions and activities.
The proposed amendments aim to further incentivize operations from International Financial Services Centres (IFSCs) by expanding the scope of specified funds eligible for tax exemption to include retail funds and Exchange Traded Funds regulated under IFSCA. It also exempts specified income of Core Settlement Guarantee Funds set up by recognized clearing corporations in IFSCs. Venture Capital Funds regulated by IFSCA are proposed to be exempted from additional onus of proof for explaining source of funds u/s 68. Finance companies located in IFSCs are proposed to be excluded from the thin capitalization provisions u/s 94B, subject to prescribed conditions and activities.
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