Rule 141 gives the formula for exempt income of a specified fund attributable to the investment division of an offshore banking unit — the sum of four income streams — disallows related expenditure against other income, and requires Form No. 70.
141
Rules 2026 · Rule 141
Computation of exempt income of specified fund, attributable to investment division of an offshore banking unit under Schedule VI [Table: Sl. Nos. 1 to 4] to Act
Rules 131-200
The formula (sub-rule 1). A + B + C + D, where A, B, C and D are the same four kinds of income as in rule 139 (IFSC exchange transfers of section 70(1)(r) assets for convertible foreign exchange, transfers of securities other than shares of a resident company, income from securities issued by a non-resident that does not otherwise arise in India, and income from a securitisation trust chargeable as business income), accruing to or received by the eligible investment division.
Expenditure (sub-rule 2). Any expenditure incurred in relation to income A, B, C or D is not allowed as a deduction from any other income under any provision of the Act, even if it was not allowed against A, B, C or D.
Filing (sub-rule 3). The eligible investment division furnishes an annual statement of exempt income in Form No. 70, electronically under digital signature, by the section 263(1)(c) due date, verified as the form indicates.
Definitions (sub-rule 4). An "eligible investment division" is a registered investment division that meets the conditions in rule 142. "Specified date" is one month before the section 263(1)(c) due date for the tax year. Other terms are as in Schedule VI Note 1.