TMI BlogTax on income of Foreign Institutional Investors from securities or capital gains arising from their transferX X X X Extracts X X X X X X X X Extracts X X X X ..... (i) the amount of income-tax calculated on the income in respect of securities referred to in clause (a), if any, included in the total income,- (A) at the rate of twenty per cent. in case of Foreign Institutional Investor; (B) at the rate of ten per cent. in case of specified fund; ] ( ii ) the amount of income-tax calculated on the income by way of short-term capital gains referred to in clause ( b ), if any, included in the total income, at the rate of thirty per cent : 4 [Provided that the amount of income-tax calculated on the income by way of short-term capital gains referred to in section 111A shall be at the rate of 5 [fifteen per cent]; ] ( iii ) the amount of income-tax calculated on the income by way of lon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (15 of 1992.), calculated in such manner as may be prescribed. ] (2) Where the gross total income of the 14 [ specified Fund or Foreign Institutional Investor ] - ( a ) consists only of income in respect of securities referred to in clause ( a ) of sub-section (1), no deduction shall be allowed to it under sections 28 to 44C or clause ( i ) or clause ( iii ) of section 57 or under Chapter VI-A; ( b ) includes any income referred to in clause ( a ) or clause ( b ) of sub-section (1), the gross total income shall be reduced by the amount of such income and the deduction under Chapter VI-A shall be allowed as if the gross total income as so reduced, were the gross total income of the 14 [ specified Fund or Foreign Institutional ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in section 115-O received in respect of securities (other than units referred to in section 115AB) listed in a recognised stock exchange in India in accordance with the provisions of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), and any rules made thereunder; or 3. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004. Earlier the words other than income by way of dividends referred to in section 115-O were inserted by the Finance Act, 1999, w.e.f. 1-4-1999 and later on omitted by the Finance Act, 2002, w.e.f. 1-4-2003. 4. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005. 5. Substituted for ' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -2020 w.e.f. 01-04-2021 before it was read as Foreign Institutional Investor 13. Inserted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 14. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 before it was read as Foreign Institutional Investor 15. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 before it was read as ( b ) the expression securities shall have the meaning assigned to it in clause ( h ) of section 2 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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