Determination of income of a specified fund attributable to the investment division of an offshore banking unit. CBDT notifies Income tax (1st Amendment), Rules, 2022.
CBDT has notified two new Income Tax Rules
| A = | any income accrued or arisen to, or received 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 such income otherwise does not accrue or arise in India; |
| D = | any income accrued or arisen to, or received by the eligible investment division from a securitisation trust which is chargeable under the head “profits and gains of business or profession |
As per the notification, income of the investment division of an offshore banking unit shall be computed in accordance with the following formula:
A+B+C+D+E+F
| A= | income by way of long 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 referred to in section 112A of the Act and held by such investment division |
| B= | income by way of long 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 112A of the Act, and held by such investment division |
| C= | 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 security referred to in section 111A of the Act and held by such investment division |
| D= | 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 the Act, being in the nature of interest referred to in section 194LD of the Act, held by the eligible investment division |
| F= | Income from securities, held by the eligible investment division, as referred to in clause (a) of sub-section (1) of section 115AD of the Act and not included in item E above |
It has been further provided that the eligible investment division shall furnish an annual statement of income, eligible for taxation 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. Also Form No. 10-IL of verification by Chartered Accountant as also ben notified.
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