Taxation of investment divisions of offshore banking units: securities income and capital gains brought within specified fund regime at prescribed treatment. The amendment brings the investment division of an offshore banking unit within the special tax treatment applicable to specified funds, taxing income ... Summary
Taxation of investment divisions of offshore banking units: securities income and capital gains brought within specified fund regime at prescribed treatment.
The amendment brings the investment division of an offshore banking unit within the special tax treatment applicable to specified funds, taxing income from securities and capital gains under section 115AD; it inserts a new subsection limiting application to income attributable to investment divisions that qualify as Category-III portfolio investors under the Foreign Portfolio Investor Regulations, with attribution and computation in the prescribed manner, and adds a definition of the expression in the Explanation.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.