Section 36 - Substitution of new section for section 115E - Finance Act, 1997

36. Substitution of new section for section 115E For section 115E of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 1998, namely :- 115E. Tax on investment income and long-term capital gains. Where the total income of an assessee, being a non-resident Indian, includes - (a) any income from investment or income from long-term capital gains of an asset other than a specified asset; (b) income by way of long-term capital gains, the tax payable by him shall be the aggregate of - (i) the amount of income-tax calculated on the income in respect of investment income 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 long-term capital gains referred to in clause (b), if any, included in the total income, at the rate of ten per cent.; and (iii) the amount of income-tax with which he would have been chargeable had his total income been reduced by the amount of income referred to in clauses (a) and (b). .