Rule 143 - Determination of specified-fund income attributable to an offshore banking unit investment division

Determination of income of a specified fund attributable to investment division of an offshore banking unit under section 210(3). 143. (1) Income of a specified fund, being the investment division of an offshore banking unit, shall be computed in accordance with the formula A + B + C + D + E, where— A = income of the eligible investment division from securities referred to in section 210(1) [Table: Sl. No. 1]; B = short-term capital gain from transfer of a security, other than a security referred to in section 196, as per section 210(1) [Table: Sl. No. 2]; C = short-term capital gain from transfer of a security referred to in section 196, as per section 210(1) [Table: Sl. No. 3]; D = long-term capital gain from transfer of a security, other than a security referred to in section 198, as per section 210(1) [Table: Sl. No. 4]; and E = long-term capital gain from transfer of a security referred to in section 198, as per section 210(1) [Table: Sl. No. 5]. (2) Any expenditure incurred in relation to income referred to in A, B, C, D or E in sub-rule (1) shall not be allowed as a deduction against any other income, irrespective of whether such expenditure has been allowed as a deduction against the income referred to in the said A, B, C, D or E. (3) The eligible investment division shall furnish an annual statement of income in Form No. 70 on or before the due date specified under section 263(1)(c). (4) The income components referred to in sub-rule (1) shall be eligible for the specified concessional tax rates only where the eligible investment division complies with sub-rule (3). (5) For the purposes of this rule, "eligible investment division", "investment division of an offshore banking unit", "securities" and "specified fund" shall have the meanings assigned to them elsewhere in these rules and the relevant Schedule to the Act.