Section 80LA of ITA, 1961 : Section 80La: Deductions In Respect Of Certain Incomes Of Offshore Banking Units And International Financial Services Centre
ITA, 1961
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Explanation using Example
Imagine a scheduled bank, ABC Bank Ltd., which has set up an Offshore Banking Unit (OBU) in a Special Economic Zone (SEZ) in India. The OBU earns income by providing financial services to overseas clients. In the financial year 2022-2023, the OBU's income from its operations amounts to INR 10 crores.
Under Section 80LA of the Income-tax Act, 1961, ABC Bank Ltd. is eligible to claim a deduction on its income earned through the OBU. Since the bank obtained the necessary perm...
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