The Tax Publishers

Finance Act, 2024--Extension of Time Limits

Extension of Time Limit Under Certain Provisions for One more Year Via Finance Act, 2024

CA. Nisha Bhandari

Though Finance Act, 2024 has not made any significant amendment however it has extended time limit prescribed under certain provisions for one more year. The write-up in hand discusses all such provisions wherein existing date has been extended.

1. Exemption under section 10(4D) to investment division of an offshore banking unit

Section 10(4D) provides exemption in respect of any income accrued or arisen to, or received by a specified fund as a result of transfer of capital asset referred to in clause (viiab) of section 47, on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in convertible foreign exchange or as a result of transfer of securities (other than shares in a company resident in India) or any income from securities issued by a non-resident (not being a permanent establishment of a non-resident in India) and where such income otherwise does not accrue or arise in India or any income from a securitisation trust which is chargeable under the head 'profits and gains of business or profession', to the extent such income accrued or arisen to, or is received, is attributable to units held by non-resident (not being the permanent establishment of a non-resident in India) or is attributable to the investment division of offshore banking unit, as the case may be, computed in the prescribed manner.

Investment division of offshore banking unit' means an investment division of a banking unit of a non-resident located in an International Financial Services Centre, as referred to in sub-section (1A) of section 80LA and which has commenced its operations on or before 31-3-2024.


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