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Amendment of section 80LA.

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..... f an assessee, being a scheduled bank, or, any bank incorporated by or under the laws of a country outside India; and having an Offshore Banking Unit in a Special Economic Zone, includes any income referred to in sub-section (2), there shall be allowed, in accordance with and subject to the provisions of this section, a deduction from such income, of an amount equal to (a) one h .....

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..... amount equal to one hundred per cent. of such income for any ten consecutive assessment years, at the option of the assesse, out of fifteen years, beginning with the assessment year relevant to the previous year in which the permission, under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act, 1949 or permission or registration under the Securities and Exchange Board of Indi .....

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..... ternational Financial Services Centre, includes any income referred to in sub-section ( 2 ), there shall be allowed, in accordance with and subject to the provisions of this section, a deduction from such income, of an amount equal to ( a ) one hundred per cent. of such income for five consecutive assessment years beginning with the assessment year relevant to the previous year in which the permis .....

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..... t year relevant to the previous year in which the permission referred to in clause ( a ) of sub-section ( 1 ) of the said section was obtained. This amendment will take effect from 1st April, 2020 and will, accordingly, apply in relation to the assessment year 2020-2021 and subsequent assessment years. - statute, statutory provisions legislation, law, enactment, Acts, Rules, R .....

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