INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF CERTAIN ELIGIBLE PERSONS IN INTERNATIONAL FINANCIAL SERVICES CENTRE OR HAVING INCOME THEREFROM

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.... said Table, shall have the meanings respectively assigned to them in the Notes below the said Table. Table Sl.No. Income not to be included in total income Eligible persons Conditions A B C D 1. Any income accrued or arisen to, or received, as a result of transfer of capital asset referred to in section 70(1)(r) where such transfer takes place on a recognised stock exchange located in any International Financial Services Centre. Any specified fund. (a) Consideration is paid or payable in convertible foreign exchange; (b) Income shall not be included in the total income to the extent such income is attributable to- (i) units held b....

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....banking unit of an International Financial Services Centre as referred to in section 147 or any Foreign Portfolio Investor being a unit of an International Financial Services Centre; and (b) it fulfils such conditions, as may be prescribed. 6. Any income by way of royalty or interest on account of lease of an aircraft or a ship in a tax year. Non-resident. (a) Such royalty or interest is paid by a unit of an International Financial Services Centre as referred to in section 147; and (b) such unit has commenced its operations on or before the 31st March, 2030. 7. Any income received from- (a) portfolio of securities or financial products or funds, managed or administered by ....

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.... the 1st April, 2023, where the period referred to in sub-clause (i) ends before the 1st April, 2033. 9. Any income accruing or arising to, or received from a specified fund or on transfer of units in a specified fund. A unit holder of a specified fund. Nil. 10. Any income of the nature of Capital gains, arising or received on account of transfer of share of a company resident in India. Any non- resident or a specified fund. (a) The Capital gain is on account of transfer of shares by the resultant fund or a specified fund; and (b) such shares were transferred from the original fund, or from its wholly owned special purpose vehicle, to the resultant fund in relocation, and ....

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....re the 31st March, 2030; (c) "manager" shall have the same meaning as assigned to it in regulation 2(1)(q) of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992); (d) "permanent establishment" shall have the meaning assigned to it in section 173(c); (e) "securities" shall have the same meaning as assigned to it in section 2(h) of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and shall also include such other securities or instruments as may be notified by the Central Government in this behalf; (f) "securitisation trust" shall have the meaning assigned to it in section 22....

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....exceed 5% of the total units issued and shall fulfil such other conditions as may be prescribed; or] (ii) investment division of an offshore banking unit, which has been- (A) granted a certificate of registration as a Category-I foreign portfolio investor under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and which has commenced its operations on or before the 31st March, ^3[2030]; and (B) fulfils such conditions including maintenance of separate accounts for its investment division, as may be prescribed; (h) "sponsor" shall have the same meaning as assigned to it in regulation 2(1)(w....

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....means beneficial interest of an investor in the fund and shall include shares or partnership interests. Note 6: For the purposes of Sl. No. 10,-- (a) "original fund", "relocation" and "resultant fund" shall have the meanings respectively assigned to them in section 70(2); (b) "specified fund" shall have the meaning assigned to it in Note 1(g). Note 7: For the purposes of Sl. No. 12,-- "Unit" shall have the same meaning as assigned to it in section 2(zc) of the Special Economic Zones Act, 2005(28 of 2005).     *************** NOTES:- 1.  Corrected vide Corrigenda dated 30-01-2026 before it was read as, "regulated under" 2.  Substituted vide Section 125 o....