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« Various Acts & Rules »
 Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage
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 Customs Tariff 2009-10 - PART-II - Chapter 96 - Miscellaneous manufactured articles
 Customs Tariff 2009-10 - PART-II - Chapter 95 - Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
 Customs Tariff 2009-10 - PART-II - Chapter 93 - Arms and ammunition; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 92 - Musical instruments; parts and accessories of such articles
 Customs Tariff 2009-10 - PART-II - Chapter 91 - Clocks and watches and parts thereof
 Customs Tariff 2009-10 - PART-II - Chapter 90 - Optical, photographic, cinematographic, measuring
 Customs Tariff 2009-10 - PART-II - Chapter 89 - Ships, boats and floating structures
 Customs Tariff 2009-10 - PART-II - Chapter 88 - Aircraft, spacecraft, and parts thereof

Income-Tax Act - Section No. 115AD
September, 01st 2010

19[Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer.

115AD. (1) Where the total income of a Foreign Institutional Investor includes

      20[(a)  income 21[other than income by way of dividends referred to in section 115-O] received in respect of securities (other than unit referred to in section 115AB); or]

          (b)  income by way of short-term or long-term capital gains arising from the transfer of such securities,

the income-tax payable shall be the aggregate of

           (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, at the rate of twenty per cent;

          (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 :

                  22[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 23[fifteen] per cent;]

        (iii)  the amount of income-tax calculated on the income by way of long-term capital gains referred to in clause (b), if any, included in the total income, at the rate of ten per cent; and

         (iv)  the amount of income-tax with which the Foreign Institutional Investor would have been chargeable had its total income been reduced by the amount of income referred to in clause (a) and clause (b).

(2) Where the gross total income of the 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 Foreign Institutional Investor.

(3) Nothing contained in the first and second provisos to section 48 shall apply for the computation of capital gains arising out of the transfer of securities referred to in clause (b) of sub-section (1).

Explanation.For the purposes of this section,

          (a)  the expression Foreign Institutional Investor means such investor as the Central Government may, by notification in the Official Gazette24, specify in this behalf;

          (b)  the expression securities25 shall have the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956).]

 
 
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