Deductions for income of Offshore Banking Units and Units of International Financial Services Centre.

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....section (3), there shall be allowed a deduction equal to 100% of such income:- (a) a scheduled bank, or a bank incorporated under the laws of a country outside India, having an Offshore Banking Unit in a Special Economic Zone; or (b) a unit of an International Financial Services Centre. (2) The deduction shall be allowed-- (a) for ten consecutive tax years beginning from the relevant tax ye....

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....n asset being, an aircraft or a ship, leased by a unit referred to in clause (c) if such unit commenced its business operations by 31st March, 2030. (4) The deduction under this section shall be allowed only if the assessee submits along with the return of income-- (a) a report in the form as prescribed, from an accountant certifying the correctness of claim of deduction; and (b) a copy of th....

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....n under the Securities and Exchange Board of India Act, 1992 (15 of 1992), or permission or registration under the International Financial Services Centre Authority Act, 2019 (50 of 2019) was obtained; (b) "Unit" shall have the same meaning as assigned to it in section 2(zc) of the Special Economic Zones Act, 2005 (28 of 2005); (c) "aircraft" and "ship" shall have the meanings respectively ass....