In India, only 3% of the population pays taxes. Those who pay taxes take advantage of the deductions and exemptions provided in the Income Tax Act by the Income Tax Department(ITD).. However, if every individual/business, who was liable to pay tax paid tax, then India would be much more developed and the government would provide a lot more benefits to its citizens. Banks play an important role in the economy. Few banks extend their territory by establishing their units out of the country for the avoidance of tax. This guide discusses the tax deductions under section 80LA, available for banks having units offshore.
Under this section deductions in respect of certain income for Offshore Banking Units and International Financial Services Centre are available.
Where the gross total income of an assessee:
To know how to maximize the tax saving options available to you for better tax saving and planning, consult your personal tax expert at H&R Block India.