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of <h1>Government Proposes Tax Incentives for IFSC with Amendments to Finance Bill 2021, Including Changes to Income Tax Act Sections.</h1> The government proposes additional tax incentives for units in the International Financial Services Centre (IFSC) to enhance its attractiveness. Amendments to the Finance Bill, 2021 include exemptions and modifications to sections of the Income Tax Act. Key changes involve exemptions for eligible investment funds, offshore banking units, and non-residents on specific income types, including capital gains and royalties. The amendments also redefine terms like 'Original Fund' and 'Resultant Fund' and propose changes to sections 47, 49, 56, 79, 80LA, and 115AD. These changes aim to facilitate smoother operations and tax benefits for entities operating in the IFSC, effective from April 1, 2022.
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