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of <h1>Income-tax Rules 21AK amended to tax OTC derivatives and offshore instruments for Foreign Portfolio Investors</h1> The Income-tax (Twentieth Amendment) Rules, 2025, amend the Income-tax Rules, 1962, specifically rule 21AK, to include over-the-counter derivatives alongside offshore derivative instruments in the scope of income taxation for non-residents. The amendment expands the applicability to Foreign Portfolio Investors registered under SEBI regulations, including those operating as units of International Financial Services Centres. It also clarifies definitions related to purchasers and sellers and incorporates Foreign Portfolio Investors in relevant provisions concerning offshore banking units. These changes aim to update the regulatory framework governing income from specified financial instruments held by non-residents and Foreign Portfolio Investors. The rules take effect from the date of publication in the Official Gazette.
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