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of <h1>Income Tax Act Section 80LA Amended: Tax Deductions for Banks in Special Economic Zones and Financial Services Centres Expanded.</h1> Section 80LA of the Income-tax Act has been amended, effective April 1, 2020. The amendment introduces new sub-sections that provide tax deductions for specific banking entities. Scheduled banks and foreign banks with Offshore Banking Units in Special Economic Zones can deduct 100% of eligible income for the first five assessment years and 50% for the next five years. Units of International Financial Services Centres can opt for a 100% deduction on eligible income for any ten consecutive assessment years within a fifteen-year period. The amendment also updates references in sub-section (2) to include the new provisions.
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