Update - Direct Tax Measures of India's Union Budget for 2024-2025

As previously reported, India's Union Budget for 2024-2025 was delivered on 1 February 2024, including limited tax measures. Specific direct tax measures include the following:

• Exemption under Section 10(4D) in relation to income derived on the transfer of capital assets on a recognized stock exchange in an International Financial Services Centre (IFSC) to continue if the investment division of offshore banking unit commences operations on or before 31 March 2025;
• Exemption under Section 10…