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 (h)
Answer:D
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 (h)