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of <h1>Offshore Banking Unit Must File Annual Income Statement Electronically via Form 10-IK for Section 115AD Compliance</h1> The income of a specified fund within an offshore banking unit's investment division is determined under section 115AD(1B) of the Income Tax Act using a formula that includes various types of capital gains and income from securities. Expenditures related to these incomes cannot be deducted from other sources. The eligible investment division must submit an annual income statement electronically using Form No. 10-IK by the due date. The specified fund and other terms are defined in relation to section 10(4D) of the Act. Compliance with these provisions is necessary for applicable tax rates under section 115AD.
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