TMI BlogAmendment of section 115JBX X X X Extracts X X X X X X X X Extracts X X X X ..... ure relatable to, income, being share of the assessee in the income of an association of persons or body of individuals, on which no income-tax is payable in accordance with the provisions of section 86; (fb) the amount or amounts of expenditure relatable to income from capital gains arising on transactions in securities (other than short term capital gains arising on transactions on whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecurities transaction tax is not chargeable), accruing or arising to an assessee being a Foreign Institutional Investor which has invested in such securities in accordance with the regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992), if any such amount is credited to the profit and loss account; or ; (c) after Explanation 3, the following Explanation shall b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mencing on or after the 1st April, 2012, is less than eighteen and one-half per cent. of its book profit, such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee for the relevant previous year shall be eighteen and one-half per cent. of its book profit. It is proposed to insert new clause (fa) in Explanation 1 so as to provide that the book pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g on transactions on which securities transaction tax is not chargeable), accrued or arising to an assessee being a Foreign Institutional Investor which has invested in such securities in accordance with the regulations made under the Securities and Exchange Board of India Act, 1992. It is also proposed to insert a new clause (iid) in Explanation 1 so as to provide that the amount of income fro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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