Income-tax Act, 1961
Section - 80LA - Deductions in respect of certain incomes of Offshore Banking Units and International Financial Services Centre
Deductions in respect of certain incomes of Offshore Banking Units and International Financial Services Centre.80LA. (1) Where the gross total income of 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 hundred per cent of such income for five consecutive assessment 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 (10 of 1949) or permission or registration under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or any other relevant law was obtained, and thereafter; |
| (b) | - | fifty per cent of such income for five consecutive assessment years: |
| - | 98[Provided that for the assessment ye .... To read the full section download the app from Google Play store
24 October 2026
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