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TMI BlogINCOME NOT TO BE INCLUDED IN TOTAL INCOME OF CERTAIN ELIGIBLE PERSONS IN INTERNATIONAL FINANCIAL SERVICES CENTRE OR HAVING INCOME THEREFROMX X X X Extracts X X X X X X X X Extracts X X X X ..... the meanings respectively assigned to them in the Notes below the said Table. Table Sl.No. Income not to be included in total income Eligible persons Conditions A B C D 1. Any income accrued or arisen to, or received, as a result of transfer of capital asset referred to in section 70(1)(r) where such transfer takes place on a recognised stock exchange located in any International Financial Services Centre. Any specified fund. (a) Consideration is paid or payable in convertible foreign exchange; (b) Income shall not be included in the total income to the extent such income is attributable to-- (i) units held by non-resident (not being the permanent establishment of a non-resident in India); or (ii) the investment division of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year. Non-resident. (a) Such royalty or interest is paid by a unit of an International Financial Services Centre; and (b) such unit has commenced its operations on or before the 31st March, 2030. 7. Any income received from-- (a) portfolio of securities or financial products or funds, managed or administered by any portfolio manager on behalf of the non-resident; or (b) such activity carried out by such person, as notified by the Central Government. Non-resident. (a) Such income is received in an account maintained with an Offshore Banking Unit in any International Financial Services Centre; and (b) the income not to be included in the total income shall be to the extent such income accrues or arises outside India and is not deem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al purpose vehicle, to the resultant fund in relocation, and the Capital gains on such shares were not chargeable to tax if that relocation had not taken place; and (c) income not to be included in the total income shall be to the extent attributable to units held by the non-resident (not being a permanent establishment of a non-resident in India) in such manner, as prescribed. 11. Any income by way of dividends from a company being a Unit of an International Financial Services Centre primarily engaged in the business of leasing of an aircraft or ship. A Unit of any International Financial Services Centre. Such Unit is primarily engaged in the business of leasing of aircraft or ship. 12. Any income by way of interest payable. Non-re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r a company or a limited liability partnership or a body corporate,- (A) which has been granted a certificate of registration as a Category III Alternative Investment Fund and is regulated-- (I) under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 made under the Securities and Exchange Board of India Act, 1992; or (II) regulated under the International Financial Services Centres Authority (Fund Management) Regulations, 2022 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019); (B) which has been granted a certificate as a retail scheme or an Exchange Traded Fund, and is regulated under the International Financial Services Centres Authority (Fund Managem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der the Securities and Exchange Board of India Act, 1992; (i) "trust" means a trust established under the Indian Trusts Act, 1882 or under any other law; (j) "unit" means beneficial interest of an investor in the fund and shall include shares or partnership interests. Note 2: For the purposes of Sl. No. 5,-- "Foreign Portfolio Investor" shall mean a person registered as per the provisions of the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 made under the Securities and Exchange Board of India Act, 1992. Note 3: For the purposes of Sl. Nos. 6, 8 and 11,-- (a) "aircraft" means an aircraft or a helicopter, or an engine of an aircraft or a helicopter, or any part thereof; (b) "ship" means a sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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