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of <h1>New Tax Rules: Rule 21AJA & 21AJAA Clarify Exempt and Taxable Income for Offshore Banking Units, Effective April 2022.</h1> The Income Tax (1st Amendment) Rules, 2022 introduces Rule 21AJA for computing exempt income of specified funds linked to the investment division of offshore banking units under clause (4D) of section 10 of the Income-tax Act. The rule outlines a formula for calculating exempt income and mandates the submission of an annual statement in Form No. 10-IK. It also specifies conditions for maintaining separate accounts, documentation, and audits. Rule 21AJAA addresses the determination of taxable income under section 115AD, requiring a similar annual statement. The rules take effect from April 1, 2022, and include detailed procedural requirements for compliance.
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