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of <h1>Budget 2022-23: New Tax Incentives for IFSC Units, Including Exemptions on Offshore Income and Ship Leases.</h1> The Budget 2022-23 and Finance Bill, 2022 propose additional tax incentives for units in the International Financial Services Centre (IFSC) to enhance its global financial services appeal. Amendments include extending tax exemptions to non-residents for income from offshore derivatives, royalties, and interest from ship leases, and income managed by portfolio managers in offshore accounts. The definition of 'ship' and 'portfolio manager' is clarified, and specified funds now include certain Alternative Investment Funds. Income from the transfer of leased ships is also eligible for deductions. These changes apply from April 1, 2023, for the assessment year 2023-24 onwards.
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