Specified fund income computation governs offshore banking unit investment divisions, with filing compliance and deduction restrictions affecting tax rates. Income of a specified fund, being the investment division of an offshore banking unit, is computed by aggregating income from securities and specified short-term and long-term capital gains arising from transfer of securities. Expenditure relating to those income components is not deductible against any other income. The eligible investment division must file an annual statement of income in Form No. 70 by the prescribed due date, failing which the income is not eligible for the specified tax rates.