Offshore Banking Unit and IFSC income deduction extends to specified business activities, subject to documentation and formation conditions. Deduction of 100% of specified income is allowed to a scheduled bank or foreign bank having an Offshore Banking Unit in a Special Economic Zone, and to a Unit of an International Financial Services Centre. The deduction applies to income from specified banking business activities, approved IFSC business activities, and transfer of an aircraft or ship leased by an IFSC Unit, subject to prescribed documentation and eligibility conditions. The provision extends the deduction period and applies additional restrictions for units commencing on or after 1 April 2026.
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.
Offshore Banking Unit and IFSC income deduction extends to specified business activities, subject to documentation and formation conditions.
Deduction of 100% of specified income is allowed to a scheduled bank or foreign bank having an Offshore Banking Unit in a Special Economic Zone, and to a Unit of an International Financial Services Centre. The deduction applies to income from specified banking business activities, approved IFSC business activities, and transfer of an aircraft or ship leased by an IFSC Unit, subject to prescribed documentation and eligibility conditions. The provision extends the deduction period and applies additional restrictions for units commencing on or after 1 April 2026.
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