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CHAPTER XII-A Special provision relating to certain income of NRIs -Section 115C-115I

Income Tax - Computation of Income or Rate of Tax in case of Specified Income or in Specified Type of Assesses (Section 115 series) - 08 - Section 115C : Definitions TO WHOM THIS CHAPTER IS APPLICABLE NRI: Individual + Citizen of India/Person of Indian origin + Non-Resident Specified Assets 115C(f) : Shares of Indian Company (Private or Public) Debentures of Public Limited Indian Company. Deposits in Public Limited Indian Company Government Securities. Specified assets means any of the following .....

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eferred to in section 115-O) derived from above specified assets acquired or purchased with or subscribed to in convertible foreign exchange). Foreign Exchange Assets 115C(b) : Specified Assets purchased in convertible foreign exchange. LTCG(115E): LTCG from foreign exchange assets. INTERST INCOME : Interest income from foreign exchange assets. Section 115D : Method of Computation INTEREST INCOME : Sections 28 to 44C, Section 57 and Chapter VI A are not available. LTCG : Chapter VI-A not availab .....

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rred/converted into money before 3 years, then the LTCG exempted earlier taxable as LTCG in the year in which the new asset is transferred. Section 115G : Exemption from condition of filling ROI ROI not to be filed if: Total income includes only Interest Income and /or LTCG. TDS is deducted. Section 115H : Chapter to apply even if NRI becomes resident NRI Becomes Resident. Can file declaration with ROI of Assessment year in which he becomes resident. To the effect that he wants to be governed by .....

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