IFD Bank established an offshore banking unit (OBUs) in Special Economic Zones in GIFT City, Gujarat in FY 2019-20. Its details of income and expenses were as follows: Particulars FY 31.03.2025 (6th year) FY 31.03.2024 (

Answer 5(c) a) Amount of business loss of 5th year which can be carried forward: Particulars FY 31.03.2024 (5th year) Incomes: Income from IFSC operations 10 Expenses (IFSC operations): Operating Expenses 14 Depreciation 2 (Rs. in Crores) Particulars FY 31.03.2024 (5th year) Net Loss from IFSC operations (6) Less: Intra head set off from Other Income (Non-IFSC) 3 Net Loss from IFSC operations carried forward to 6th year (3) Note: Net Loss (3) crores includes loss from IFSC operations. This loss of 3 crores (business loss) can be carried forward to the next year (6th year) as per normal provisions of the Income Tax Act. b) Income eligible for deduction in the 6th year under section 80LA of the Income Tax Act. Particulars FY 31.03.2025 (6th year) Net Profit for the year from IFSC operation (23-7-1) 15 Less: Brought forward business loss from IFSC operation of 5th year (3) Adjusted Income 12 Less: Deduction Under Section 80LA in 6th Year 12 Note: 100% of the eligible income can be claimed as a deduction under Section 80LA as follows: Eligible Income: ₹ (23-8-3) = 12 crores (IFSC income). 100% Deduction under Section 80LA: 12 crores. Particulars Taxable Income from IFSC operation Nil