Tax Deduction Boost for Offshore Banking and International Financial Services Centre Units Under Specific Statutory Provisions
A legal provision for tax deductions applicable to Offshore Banking Units (OBU) and International Financial Services Centre (IFSC) units. Eligible entities include scheduled banks and foreign banks with OBUs in Special Economic Zones. Deductions range from 100% to 50% of income for specified periods, with recent amendments extending 100% deduction. Additional requirements include filing specific certificates and quarterly remittance statements with tax authorities within prescribed timelines.
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