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

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....ferred to in sub-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 ....

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....vices Centre set up in a Special Economic Zone; or (d) transfer of an 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 ....

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....tax year in which permission under section 23(1)(a) of the Banking Regulation Act, 1949 (10 of 1949), or permission or registration 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....