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TMI BlogDeductions in respect of certain incomes of Offshore Banking Units and International Financial Services CentreX X X X Extracts X X X X X X X X Extracts X X X X ..... ount equal to (a) one hundred per cent. of such income for five consecutive assessment years beginning with the assessment year relevant to the previous year in which the permission, under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act, 1949 (10 of 1949.) or permission or registration under the Securities and Exchange Board of India Act, 1992 (15 of 1992.) or any other relevant law was obtained, and thereafter; (b) fifty per cent. of such income for five consecutive assessment years. 9 [ Provided that for the assessment year commencing on or after the 1st day of April, 2023, the deduction under this clause shall be one hundred per cent. of such income. ] (1A) Where the gross total income of an ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he transfer of an asset, being an aircraft 7 [ or a ship ] , which was leased by a unit referred to in clause (c) to a person, subject to the condition that the unit has commenced operation on or before the 31st day of March, 10 [ 2025 ] . Explanation .-For the purposes of 8 [ this clause, aircraft and ship shall ] have the meaning assigned to it in the Explanation to clause (4F) of section 10. ] (3) No deduction under this section shall be allowed unless the assessee furnishes along with the return of income,- ( i ) the report, in the form specified by the Central Board of Direct Taxes under clause ( i ) of sub-section (2) of section 80LA, as it stood immediately before its substitution by this section, of an accounta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al income of an assessee,- (i) being a scheduled bank (not being a bank incorporated by or under the laws of a country outside India); (ii) owning an offshore banking unit in a special economic zone, includes any income referred to in sub-section (2), there shall be allowed, in accordance with and subject to the provisions of this section, a deduction from such income, of an amount equal to- (a) one hundred per cent of such income for three consecutive assessment years beginning with the assessment year relevant to the previous year in which the permission, under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act, 1949 (10 of 1949), was obtained, and thereafter; (b) fifty per cent of such income for two ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Banking Regulation Act, 1949 (10 of 1949); (c) scheduled bank shall have the same meaning assigned to it in clause (e) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934); (d) special economic zone shall have the same meaning assigned to it in clause (viii) of the Explanation 2 to section 10A.' 2. Substituted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-04-2020 before it was read as (1) Where the gross total income of an assessee,- ( i ) being a scheduled bank, or, any bank incorporated by or under the laws of a country outside India; and having an Offshore Banking Unit in a Special Economic Zone; or ( ii ) being a Unit of an International Financial Services Centre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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