Tax department issues rules on computing relief for IFSC banking units
The new rules will apply from 1 April 2022. Offshore banking units are entities set up by domestic or foreign banks in the IFSC. The government has been granting concessions to units in the first IFSC in India set up in Ahmedabad to develop the city as a global financial hub like Singapore or London
NEW DELHI: The Income Tax department has issued new rules on computing tax-exempt income of offshore banking units set up in an international financial services centre.