https://www.taxtmi.com/acts?id=9708 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. en-us Wed, 22 Oct 2008 09:02:04 +0530 Wed, 22 Oct 2008 09:02:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=9708 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. Act-Rules F. Acts / Amendment Acts Wed, 22 Oct 2008 09:02:04 +0530 https://www.taxtmi.com/acts?id=9708