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

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....ing contained in section 80LA of the Income-tax Act, 1961 (43 of 1961), the deduction shall be allowed,-- (a) for an entity mentioned in sub-section (1)(a),-- (i) for twenty consecutive tax years beginning from the relevant tax year; and (ii) in a case, where the tenth year, out of the period of ten consecutive years of deduction allowed under section 80LA(1) of the said Act has ended on the 31st March, 2025, for further ten consecutive years from the tax year beginning on the 1st April, 2026; and (b) in the case of an entity mentioned in sub-section (1)(b), for twenty consecutive tax years out of twenty-five years beginning from the relevant tax year, at the option of an assessee.] (3) The income refe....

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....ruction or reorganisation or transfer of a business already in existence in India. (6) For the purposes of this section,- (a) "relevant tax year" shall be,- (i) in case of an entity referred to in sub-section (1)(a), the 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 any other relevant law in force was obtained; or (ii) in case of an entity referred to in sub-section (1)(b), the 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 Ind....