The quantum of deduction available to offshore Banking Units under section 80LA of Income-Tax Act, 1961 located in Special Economic Zone (SEZ) and satisfying all conditions from the Gross Total Income is :

CS Executive · Tax Laws and Practice · PYQS · December 2018
The quantum of deduction available to offshore Banking Units under section 80LA of Income-Tax Act, 1961 located in Special Economic Zone (SEZ) and satisfying all conditions from the Gross Total Income is :
(A) 100% of such income for five consecutive assessment years, relating to the previous year in which the permission was obtained
(B) 50% of such income for next five consecutive years
(C) 25% of such income for next ten years
(D) both (A) and (B)

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Income Tax Act, 1961

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