by CA.Aditya Sesh, Basiz Fund Services For a few years now, the Government has been continuously providing incentives to India's only Offshore regime currently located in GIFT City, Gandhinagar. As a result, the domicile is now beginning to compete well with our nearest domiciles for the offshore fund industry, namely Mauritius and Singapore. In this budget too, the reforms and encouragement have continued without a break. Following are the key proposals placed before Parliament for approval: Exemption from the income tax on income derived from derivatives. While similar benefits were provided in the previous year, this seems to be an amplification of what was provided in the past. Similar exemptions have been provided on the incomes of portfolio management Service managers. The details will reveal the exact nature of the proposal. Ship leasing and Aircraft Leasing are counted as new sunrise sectors within the relatively new domicile of IFSC. It is pr...