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of <h1>Rule 21AJA: Calculating Exempt Income for Offshore Banking Units Under Section 10(4D) of the Income Tax Act</h1> Rule 21AJA outlines the computation of exempt income for specified funds linked to the investment division of an offshore banking unit under clause (4D) of section 10 of the Income Tax Act. The exempt income is calculated using a formula that includes income from capital asset transfers, securities, non-resident securities, and securitization trusts. The rule mandates the submission of an annual statement and an audit report electronically. It requires maintaining separate accounts, proper documentation, and audited financial records. The Principal Director-General of Income-tax is responsible for ensuring secure data handling. Definitions for relevant terms are provided within the rule.
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