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<h1>Offshore Banking Unit Defined: Rule 21AK(1) and Section 80LA(1A) in Income-tax Rules 1962 Explained</h1> An Offshore Banking Unit is defined under the Income-tax Rules 1962, specifically for rule 21AK(1), as a banking branch unit situated in an International Financial Services Centre, in accordance with sub-section (1A) of section 80LA of the Act.