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        F. Acts / Amendment Acts

        Section 34 - Amendment of section 115AD.

        Finance Act, 2021
        Chapter III
        DIRECT TAXES - Income-tax

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        Taxation of offshore banking unit investment divisions: income attributable to portfolio investor activity taxed under specified fund rules. The amendment makes the specified fund tax provisions applicable to income attributable to an investment division of an offshore banking unit when that division is a Category I portfolio investor under the foreign portfolio investor regulations, with such income to be calculated as may be prescribed, and inserts a cross reference definition for 'investment division of offshore banking unit.'
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Taxation of offshore banking unit investment divisions: income attributable to portfolio investor activity taxed under specified fund rules.

                                The amendment makes the specified fund tax provisions applicable to income attributable to an investment division of an offshore banking unit when that division is a Category I portfolio investor under the foreign portfolio investor regulations, with such income to be calculated as may be prescribed, and inserts a cross reference definition for "investment division of offshore banking unit."


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