TMI BlogComputation of exempt income of specified fund, attributable to the investment division of an offshore banking unit, for the purposes of clause (4D) of section 10 of the ActX X X X Extracts X X X X X X X X Extracts X X X X ..... eceived by the eligible investment division as a result of transfer of a capital asset referred to in clause (viiab) of section 47 of the Act held by it, on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in convertible foreign exchange; B= any income accrued or arisen to, or received by the eligible investment division as a result of transfer of securities held by it (other than shares in a company resident in India); C= any income accrued or arisen to, or received by the eligible investment division from securities held by it and issued by a non-resident (not being a permanent establishment of a non-resident in India) and where suc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the accounts, referred to in clause (a), audited by an accountant before the specified date and such accountant shall furnish by that date the report of such audit in Form No. 10-IL electronically under digital signature, which is duly verified in the manner indicated therein; (c) it shall maintain proper documentation in respect of,- (i) inbound remittance for buying and selling the investments; and (ii) the use of inward remittance made to India; (d) it shall maintain bank statement of all accounts of the registered investment division,; (e) it shall maintain contract notes relating to purchase and sale of securities by the registered investment division; and (f) it shall maintain a statement of securities issued by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vision shall mean an investment division of an offshore banking unit which fulfills the condition specified under item (I) of sub-clause (ii) of clause (c) of the Explanation to clause (4D) of section 10 of the Act; (f) securities shall have the same meaning as assigned to it in clause (bb) of the Explanation to clause (4D) of section 10 of the Act; (g) specified date , in relation to the accounts of the registered investment division of the previous year relevant to an assessment year, means a date one month prior to the due date. (h) specified fund shall have the same meaning as assigned to it in clause (c) of the Explanation to clause (4D) of section 10 of the Act. ] *************** NOTES:- 1. Inser ..... X X X X Extracts X X X X X X X X Extracts X X X X
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