Part DCA - Safe Harbour Rules for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head (From Rule 10TI to Rule 10TIC)
Rule 21AJA - Computation of exempt income of specified fund, attributable to the investment division of an offshore banking unit, for the purposes of clause (4D) of section 10 of the Act
Income-tax Rules, 1962 Chapter IV TAX EXEMPTIONS AND RELIEFS
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Exempt income computation for offshore banking unit investment divisions requires prescribed filings, audit, separate accounts, and supporting records. Computation of exempt income of a specified fund attributable to the investment division of an offshore banking unit is prescribed by aggregating income from eligible transfers of capital assets and securities, income from certain non-resident securities, and income from securitization trusts. Expenditure incurred to earn these specified incomes is not deductible against other income. The eligible investment division must file Form No. 10-IK, maintain separate accounts and supporting records, obtain an audit report in Form No. 10-IL, and comply with electronic filing and data-security requirements.
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.
Exempt income computation for offshore banking unit investment divisions requires prescribed filings, audit, separate accounts, and supporting records.
Computation of exempt income of a specified fund attributable to the investment division of an offshore banking unit is prescribed by aggregating income from eligible transfers of capital assets and securities, income from certain non-resident securities, and income from securitization trusts. Expenditure incurred to earn these specified incomes is not deductible against other income. The eligible investment division must file Form No. 10-IK, maintain separate accounts and supporting records, obtain an audit report in Form No. 10-IL, and comply with electronic filing and data-security requirements.
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