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        Section 42 - Insertion of new section 80LA

        Finance Act, 2003
        Chapter III
        DIRECT TAXES

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        Deduction for offshore banking units: phased tax relief for SEZ-sourced banking income subject to documentation. A targeted tax relief permits a deduction from taxable income for Offshore Banking Units owned by scheduled banks in special economic zones, subject to phased application across assessment years. Qualifying income is limited to receipts from OBUs in SEZs, banking business with SEZ undertakings or SEZ developers/operators, and amounts received in convertible foreign exchange. The deduction is claimable only on filing prescribed documentation: an accountant's certification and the statutory permission for the OBU. Key term definitions for convertible foreign exchange, Offshore Banking Unit, scheduled bank, and special economic zone are provided.
                          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.

                                Deduction for offshore banking units: phased tax relief for SEZ-sourced banking income subject to documentation.

                                A targeted tax relief permits a deduction from taxable income for Offshore Banking Units owned by scheduled banks in special economic zones, subject to phased application across assessment years. Qualifying income is limited to receipts from OBUs in SEZs, banking business with SEZ undertakings or SEZ developers/operators, and amounts received in convertible foreign exchange. The deduction is claimable only on filing prescribed documentation: an accountant's certification and the statutory permission for the OBU. Key term definitions for convertible foreign exchange, Offshore Banking Unit, scheduled bank, and special economic zone are provided.


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