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TMI BlogTax on income of Foreign Institutional Investors from securities or capital gains arising from their transferX X X X Extracts X X X X X X X X Extracts X X X X ..... lculated on the income in respect of securities referred to in clause (a), if any, included in the total income,- (A) at the rate of twenty per cent. in case of Foreign Institutional Investor; (B) at the rate of ten per cent. in case of specified fund; ] ( 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 : 18 [ 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 (A) fifteen per cent. for any transfer which takes place before the 23rd day of July, 2024; and (B) twenty per cent. for any transfer which takes p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the specified fund is investment division of an offshore banking unit, the provisions of this section shall apply to the extent of income that is attributable to the investment division of such banking units, referred to in sub-clause (ii) of clause (c) to the Explanation to clause (4D) of section 10, as a Category-I portfolio investor under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992.), calculated in such manner as may be prescribed. ] (2) Where the gross total income of the 14 [ specified Fund or Foreign Institutional Investor ] - ( a ) consists only of income in respect of securities referred to in clause ( a ) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of section 10. ]] ******************** Notes :- 1. Inserted by the Finance Act, 1993, w.e.f. 1-4-1993. 2. Substituted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. Prior to its substitution, clause (a), as amended by the Finance Act, 1997, w.e.f. 1-4-1998, read as under : (a) income other than income by way of dividends referred to in section 115-O received in respect of securities (other than units referred to in section 115AB) listed in a recognised stock exchange in India in accordance with the provisions of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), and any rules made thereunder; or 3. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004. Earlier the words other than income by way of dividends referred to in sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -09-2020 w.e.f. 01-04-2021 before it was read as Foreign Institutional Investor 13. Inserted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 14. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 before it was read as Foreign Institutional Investor 15. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 before it was read as ( b ) the expression securities shall have the meaning assigned to it in clause ( h ) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956). 16. I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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