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of <h1>Schedule VI narrows IFSC income exclusions, clarifies definitions and delegation, cross-reference to section 147, compliance critical</h1> The comparison shows Schedule VI excludes specified IFSC-related income from total income for eligible non-residents, IFSC units and specified funds, but the enacted Act refines drafting from the Bill: it adds explicit items (e.g., 'Nil' for the specified-fund condition), standardises 'as may be prescribed' delegation, tightens cross-references (notably to section 147) and clarifies definitions and scope (e.g., inclusion of OTC derivatives). Substantive tax outcomes remain similar, but eligibility is fact-sensitive and conditional (convertible foreign exchange, unit-holding limits, commencement/ten-year windows) and depends on delegated rules, so compliance, documentation and rule notifications are critical.
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