Income-tax Rules, 2026 | Rule 142 of 333

Rule 142 - Conditions for an offshore banking unit investment division under Schedule VI

Reviewed by CA Nikhil Gupta · Last reviewed 29 August 2026

Local extract available Legacy mapping: 21AJA

142Rule number

1570Local text characters

1Linked Forms

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Source and status control

Primary authority: Notification No. 22/2026 / G.S.R. 198(E)

Currentness control: Base Rules effective 1 April 2026. Check later amendments, corrigenda and portal implementation before action.

Local statutory extract - official source controls

Rule text held in the production corpus

Conditions referred to in Schedule VI, Note 1(g)(ii)(B) to Act required to be fulfilled by an investment division of an offshore banking unit. 142. (1) A registered investment division of an offshore banking unit shall fulfil the following conditions— (a) it shall maintain separate accounts for the registered investment division, reflecting the true and fair accounts of its affairs; (b) it shall get such accounts audited by an accountant before the specified date, and the accountant shall furnish the audit report in Form No. 71 electronically under digital signature; (c) it shall maintain proper documentation for inbound remittance made for the purposes of buying or selling investments, and for the use of any such inward remittance made to India; (d) it shall maintain the bank statement of all accounts of the registered investment division; (e) it shall maintain contract notes relating to the purchase and sale of securities; and (f) it shall maintain a statement of securities issued by the custodian. (2) Income of a specified fund attributable to an eligible investment division shall not be exempt under section 11(1) unless the investment division complies with sub-rule (1)(b) and rule 141(3). (3) For the purposes of this rule, "accountant", "investment division of an offshore banking unit", "registered investment division" and "securities" shall have the meanings assigned to them elsewhere in these rules and the Act, and "specified date" means a date one month prior to the due date specified under section 263(1)(c) for the relevant tax year.

Local extract SHA-256: a9954e75999bfdedb854e8de4f7a1b6f78175dbfbb312149335784c2a4c80b6b. This hash authenticates the local extract only; it does not certify that every amendment, table or Gazette footnote has been consolidated.

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Related sections

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Related Forms

Form 71

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Official starting point: www.incometaxindia.gov.in

Page source links

Notification No. 22/2026 / G.S.R. 198(E)