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TMI BlogTax incentives to International Financial Services Centre (MEASURES TO PROMOTE INVESTMENT AND EMPLOYMENT)X X X X Extracts X X X X X X X X Extracts X X X X ..... ents, to the extent permissible under the current regulations, in any currency except Indian Rupee. In order to promote the development of world-class financial infrastructure in India, several tax concessions have been provided to units located in IFSC, under the Act, over the past few years. 2. In order to further incentivize operations from IFSC, it is proposed to make the following amendments: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rantee Funds set up by recognised clearing corporations in IFSC, is proposed to be exempted by amending the definition of recognised clearing corporation and regulations in the Explanation to the clause (23EE) of section 10 of the Act . The definition of recognised clearing corporation shall now include recognised clearing corporation as defined in clause (n) of sub-regulation (1) of regulation 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity credited in the books of an assessee shall be treated as explained only if the source of funds is also explained in the hands of the creditor or entry provider. However, this additional onus of proof of satisfactorily explaining the source in the hands of the creditor, would not apply if the creditor is a well regulated entity, i.e., it is a Venture Capital Fund (VCF) or Venture Capital Compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing one crore rupees which is deductible in computing income chargeable under the head Profits and gains of business or profession , the interest deductible shall be restricted to the extent of thirty per cent. of its earnings before interest, taxes, depreciation and amortisation so as to avoid thin capitalisation of a corporate entity. At present, the provisions of this section do not apply to In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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