<h1>India's IFSC Boost: Amendments to Section 47 Grant Tax Neutrality, Lower Minimum Tax Rates for Non-Corporate Entities.</h1> To enhance India's International Financial Services Centre (IFSC), amendments to Section 47 of the Act are proposed, granting tax neutrality on certain asset transactions by non-residents on recognized stock exchanges within IFSCs, provided payments are in foreign currency. This includes bonds, Global Depository Receipts, rupee-denominated bonds, and derivatives. Effective from April 1, 2019, for the 2019-20 assessment year onward, the alternate minimum tax rate under Section 115JC for non-corporate entities in IFSCs will be reduced from 18.50% to 9%, with related amendments to Section 115JF.