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of <h1>Income Tax Bill 2025: 100% Deduction for Banks in SEZs and International Financial Centres for Ten Years</h1> Clause 147 of the Income Tax Bill, 2025, provides a 100% income deduction for specified entities. Eligible entities include scheduled banks or foreign banks with Offshore Banking Units in Special Economic Zones and Units of International Financial Services Centres. The deduction applies for ten consecutive tax years, with specific conditions for each entity type. Income eligible for deduction includes that from Offshore Banking Units, specified business activities, and asset transfers like aircraft or ships leased by qualifying units. To claim the deduction, an assessee must submit a certified report and relevant permissions or registrations with their tax return.
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