Amendment of section 80LA

In force As on 07 Oct 2026

Ministry Finance Cited by 1 provision

Section 28 of the Finance Act, 2019 (No. 2) deals with amendment of section 80LA. Amendment of section 80LA 28. In section 80LA of the Income-tax Act, with effect from the 1st day of April, 2020,— (i) | for sub-section (1), the following sub-sections shall be substituted, namely:— "(1) Where the gross total income of an assessee, being a scheduled bank, or, any bank incorporated

Amendment of section 80LA
28. In section 80LA of the Income-tax Act, with effect from the 1st day of April, 2020,—
(i) for sub-section (1), the following sub-sections shall be substituted, namely:—
"(1) Where the gross total income of an assessee, being a scheduled bank, or, any bank incorporated by or under the laws of a country outside India; and having an Offshore Banking Unit in a Special Economic Zone, includes any income referred to in sub-section (2), there shall be allowed, in accordance with and subject to the provisions of this section, a deduction from such income, of an amount equal to—
(a) one hundred per cent of such income for five consecutive assessment years beginning with the assessment year relevant to the previous year in which the permission, under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act, 1949 (10 of 1949) or permission or registration under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or any other relevant law was obtained, and thereafter;
(b) fifty per cent of such income for five consecutive assessment years.
(1A) Where the gross total income of an assessee, being a Unit of an International Financial Services Centre, includes any income referred to in sub-section (2), there shall be allowed, in accordance with and subject to the provisions of this section, a deduction from such income, of an amount equal to one hundred per cent of such income for any ten consecutive assessment years, at the option of the assessee, out of fifteen years, beginning with the assessment year relevant to the previous year in which the permission, under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act, 1949 (10 of 1949) or permission or registration under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or any other relevant law was obtained.";
(ii) in sub-section (2), in the opening portion, for the word, brackets and figure "sub-section (1)", the words, brackets, figures and letter "sub-section (1) and sub-section (1A)" shall be substituted.
Section 28, The Finance Act, 2019 (No. 2).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

Income-tax Act s. 80LA Deductions in respect of certain incomes of Offshore Banking Units and International Financial Services Centre

Referred to by 1

s. 13 Amendment of section 43B

Questions about Section 28

What does Section 28 of the Finance Act, 2019 (No. 2) deal with?

Section 28 of the Finance Act, 2019 (No. 2) is headed "Amendment of section 80LA". Amendment of section 80LA 28. In section 80LA of the Income-tax Act, with effect from the 1st day of April, 2020,— (i) | for sub-section (1), the following sub-sections shall be substituted, namely:— "(1) Where the gross total income of an assessee, being a scheduled bank, or, any bank incorporated

How do I find court cases under Section 28 of the Finance Act, 2019 (No. 2)?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act, 2019 (No. 2) 28, section 28 Finance Act, 2019 (No. 2), section 28 of the Finance Act, 2019 (No. 2). Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 28 of the Finance Act, 2019 (No. 2), and has it changed?

Its own text turns on Income-tax Act 80LA (Deductions in respect of certain incomes of Offshore Banking Units and International Financial Services Centre), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act, 2019 (No. 2) enacted?

Finance Act, 2019 (No. 2) was enacted in 2019. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

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First Schedule. Income-tax9078 words
2. Income-tax4914 words
105. Insertion of new sections 101A, 101B and 101C1547 words
138. Insertion of new sections 45-ID and 45- IE1010 words
6. Amendment of section 10907 words

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(i)		for sub-section (1), the following sub-sections shall be substituted, namely:—
		"(1) Where the gross total income of an assessee, being a scheduled bank, or, any bank incorporated by or under the laws of a country outside India; and having an Offshore Banking Unit in a Special Economic Zone, includes any income referred to in sub-section (2), there shall be allowed, in accordance with and subject to the provisions of this section, a deduction from such income, of an amount equal to—

(a)		one hundred per cent of such income for five consecutive assessment years beginning with the assessment year relevant to the previous year in which the permission, under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act, 1949 (10 of 1949) or permission or registration under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or any other relevant law was obtained, and thereafter;
(b)		fifty per cent of such income for five consecutive assessment years.

		(1A) Where the gross total income of an assessee, being a Unit of an International Financial Services Centre, includes any income referred to in sub-section (2), there shall be allowed, in accordance with and subject to the provisions of this section, a deduction from such income, of an amount equal to one hundred per cent of such income for any ten consecutive assessment years, at the option of the assessee, out of fifteen years, beginning with the assessment year relevant to the previous year in which the permission, under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act, 1949 (10 of 1949) or permission or registration under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or any other relevant law was obtained.";
(ii)		in sub-section (2), in the opening portion, for the word, brackets and figure "sub-section (1)", the words, brackets, figures and letter "sub-section (1) and sub-section (1A)" shall be substituted.