Page 67 - DHC Budget Book 2021-22 Final
P. 67
Sec. 80LA(2)(d) is proposed to be inserted to provide that the income arising from transfer
of an asset, being an aircraft or aircraft engine which was leased by a unit of IFSC to a domestic company engaged in the business of operation of aircraft, before such transfer shall also be eligible for 100% deduction subject to condition that the unit has commenced operation on or before 31-03-2024.
Sec. 115AD is proposed to be amended to make the provision of the said section applicable to investment division of an offshore banking unit in the same manner as it applies to specified fund. However, the provisions of the said section shall apply to the extent of income that is
attributable to the investment division of such banking unit as a Category-III portfolio investor under the SEBI (Foreign Portfolio investors) Regulations, 2019, calculated in the manner as may be prescribed.
Comments
To facilitate onshoring of offshore funds into India, new tax incentives for units under IFSC has been introduced to allow international funds to relocate to India and avail tax exemption. This is step towards Government’s commitment to develop a world class Fin-Tech hubs at IFSCs and bring it at par with global IFSCs.
Content International Taxation and Transfer Pricing Direct Tax 65
