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Insertion of new section 115BBG- Tax on income from transfer of carbon credits.

Clause 45 - Bills - DIRECT TAXES - Income-tax - Bill - Clause 45 - Insertion of new section 115BBG. 45. After section 115BBF of the Income-tax Act [as inserted by section 54 of the Finance Act, 2016 (28 of 2016)], the following section shall be inser .....

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aggregate of- (a) the amount of income-tax calculated on the income by way of transfer of carbon credits, at the rate of ten per cent.; and (b) the amount of income-tax with which the assessee would have been chargeable had his total income been redu .....

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e referred to in clause (a) of sub-section (1). Explanation.-For the purposes of this section carbon credit in respect of one unit shall mean reduction of one tonne of carbon dioxide emissions or emissions of its equivalent gases which is validated b .....

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edits. The proposed new section 115BBG seeks to provide that in case of an assessee whose total income includes any income by way of transfer of carbon credits, the income-tax payable shall be the aggregate of the amount of income-tax calculated on t .....

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