Tax on specified incomes of certain Institutions - Section 115BBI - Income Tax - Ready Reckoner - Income Tax

Tax on specified incomes of certain Institutions - Section 115BBI [ w.e.f. AY 2023-24 ] Where the total income of an assessee, being a person in receipt of income on behalf of any fund or institution referred to in Section 10(23C)(iv)/ (v)/ (vi)/ (via), or any trust or institution referred to in section 11, includes any income by way of any specified income, notwithstanding anything contained in any other provision of this Act, the income-tax payable shall be the aggregate of,- (i) the amount of income-tax calculated at the rate of thirty per cent. on the aggregate of such specified income; and (ii) the amount of income-tax with which the assessee would have been chargeable had the total income of the assessee been reduced by the aggregate of specified income referred to in clause (i). [ Section 115BBI(1) ] Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance or set off of any loss shall be allowed to the assessee under any provision of this Act in computing the specified income referred to in section 115BBI(1)(i). [ Section 115BBI(2) ] Following Specified Income to be taxed @30% :- (a) Income accumulated or set apart in excess of 15% of the income where such accumulation is not allowed under any specific provision of this Act; or (b) Deemed income referred to in Explanation 4 to the third proviso of section 10(23C) , or section 11(3) or 11(1B) ; or (c) Deemed Income as per section 11(3) ; or (d) Income applied for the benefit of specified person as per section 13(1) . (e) Income not deposited/invested in modes specified in 11(5) as per section 13(1) . (f) Income used for any purpose outside India. Deduction / expenditure/loss - No deduction in respect of any expenditure or allowance or set off of any loss shall be allowed to be assessee under any provisions of the act in computing specified Income given in above.