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of <h1>Finance Bill 2019: Section 80LA Amended for Tax Deductions on Offshore Banking Units and Financial Services Centres</h1> Clause 28 of the Finance (No. 2) Bill, 2019 amends section 80LA of the Income-tax Act, effective April 1, 2020. It introduces deductions for Offshore Banking Units in Special Economic Zones and Units of International Financial Services Centres. Scheduled banks or foreign banks with Offshore Banking Units can claim a 100% deduction for five years, followed by 50% for the next five years. Units in International Financial Services Centres can claim a 100% deduction for any ten consecutive years within a fifteen-year period, starting from the year they obtain necessary permissions. This applies from the assessment year 2020-2021 onwards.
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