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TMI BlogTax on certain incomes.X X X X Extracts X X X X X X X X Extracts X X X X ..... een reduced by income mentioned in column C thereof. Table Sl.No. Assessee Income Rate of tax Conditions A B C D E 1. Any person. Winnings (other than from any online game) from-- (a) lottery; or (b) crossword puzzle; or (c) race including horse race (not being income from the activity of owning and maintaining race horses); or (d) card game and other game of any sort; or (e) gambling or betting of any form or nature. 30% Nil. 2. A person, resident in India and who is a patentee (herein referred to as an eligible assessee). Royalty in respect of a patent developed and registered in India. 10% (a) No deduction in respect of any expenditure or allowance shall be allowed to the eligible assessee under any provisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and such loss shall not be allowed to be carried forward to succeeding tax years. 5. Any person. Any income by way of net winnings from any online game, computed in the manner, as prescribed. 30% Nil. 6. Any person. Any profits and gains from life insurance business. 12.5% Nil. (2) In this section,-- (a) "carbon credit", in respect of one unit, means reduction of one tonne of carbon dioxide emissions or emission of its equivalent gases which is validated by the United Nations Framework on Climate Change and which can be traded in market at its prevailing market price; (b) "computer resource" shall have the same meaning as assigned to it in section 2(1)(k) of the Information Technology Act, 2000 (21 of 2000.); (c) "develope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder that Act in respect of that patent; (l) "royalty", in respect of a patent, means consideration (including any lump sum consideration but excluding any consideration which would be the income of the recipient chargeable under the head "Capital gains" or consideration for sale of product manufactured with the use of patented process or the patented article for commercial use) for the- (i) transfer of all or any rights (including the granting of a licence) in respect of a patent; or (ii) imparting of any information concerning the working of, or the use of, a patent; or (iii) use of any patent; or (iv) rendering of any services in connection with the activities referred to in sub-clauses (i) to (iii); (m) "true and first inven ..... X X X X Extracts X X X X X X X X Extracts X X X X
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