TMI BlogDetermination of income of a specified fund attributable to the investment division of an offshore banking unit under sub-section (1B) of section 115AD of the ActX X X X Extracts X X X X X X X X Extracts X X X X ..... ion (1B) of section 115AD of the Act - (1) For the purposes of subsection (1B) of section 115AD of the Act, income of a specified fund, being the investment division of an offshore banking unit shall be computed in accordance with the following formula, namely:- A+B+C+D+E+F where, A = income by way of long term capital gain referred to in clause (b) of sub-section (1) of section 115AD, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income by way of short term capital gain referred to in clause (b) of sub-section (1) of section 115AD, accrued or arisen to, or received by the eligible investment division as a result of transfer of a security, other than that referred to in section 111A of the Act, and held by such investment division; E= income from securities referred to in clause (a) of sub-section (1) of section 115AD of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under sub-section (1B) of section 115AD of the Act, in Form No. 10-IK electronically under digital signature on or before the due date, which is duly verified in the manner indicated therein. 2 [ (2A) The income of an eligible investment division referred to in clause (a) and clause (b) of sub-section (1) of section 115AD shall not be eligible for tax rates specified under section 115AD unles ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Act; (d) registered investment division 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; (e) securities shall have the same meaning as assigned to it in clause (c) of the Explanation to section 115AD of the Act; (f) spec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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