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of <h1>Union Budget 2023-24 boosts IFSC with tax incentives; key changes in asset transfer and ODI taxation rules.</h1> The Union Budget 2023-24 and Finance Bill propose tax incentives to enhance the International Financial Services Centre (IFSC) as a global financial hub. Key amendments include extending the deadline for asset transfers in fund relocations to March 31, 2025, under section 47 of the Act. Additionally, to eliminate double taxation, income distributed on Offshore Derivative Instruments (ODIs) by IFSC Banking Units will be exempt under section 10 (4E), provided it has been taxed under section 115AD. The IFSCA (Fund Management) Regulations, 2022, will be integrated into the Act's definitions of various funds. These changes take effect from April 2023 and April 2024.
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