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Computation of Income and Tax U/s 115A, 115AB, 115AC, 115AD, 115BBA and 115D

Computation of Income and Tax U/s 115A, 115AB, 115AC, 115AD, 115BBA and 115D

 

Sections

Nature of income

Deductionsunder sections 28 to 44C

Whetherthe benefit of computing capital gain in foreign currency as provided by the first proviso to section 48 and the rule of indexation as provided by the second proviso to section 48 are applicable

Deduction under sections 80CCC to 80U

Tax Rate

It is necessary to summit return of income

115A(1)(a)

The following incomes in the case of a non-resident non-corporate assessee or a foreign company—

 

 

 

 

 

a. dividend

Not Available

-

Not Available

20%

Note -1

b. interest received from Government or an Indian concern on monies borrowed or debt incurred by Government or the Indian currency

Not Available

-

Not Available

20%

Note -1

c. interest received from an infrastructure debt referred to in section 10(47)

Not Available

-

Not Available

5%

Note -1

d. interest as referred to in section 194LC / 194LD / 194 LBA(2)

Not Available

-

Not Available

5%

Note -1

e. income received in respect of units, purchased in foreign currency of a Mutual Fund specified under clause(23D) of section 10 or of the Unit Trust of India

Not Available

-

Not Available

20%

Note -1

115A(1)(b)

Royalty or technical fees of a non-resident non-corporate assesse or a foreign company

-

-

-

-

Yes

115AB

The following incomes of an assessee, being an overseas financial organization —

 

 

 

 

 

a. income received in respect of units purchased in foreign currency

Not Available

-

Not Available

10%

Yes

b. income by way of long-term capital gains arising from the transfer of units purchased in foreign currency

-

First proviso is applicable but second proviso to section 48 is not applicable

Not Available

10%

Yes

115AC

The following incomes of a non-resident:

 

 

 

 

 

a. income by way of interest or dividends (not being dividend referred to in section 115-O), on bonds or Global Depository Receipts 
of an Indian company issued in accordance with the notified scheme, i.e.,Foreign Currency Convertible Bonds and Ordinarily Global Depository Receipts (Through Depository Receipt Mechanism) Scheme, 1993/Issue of Foreign Currency Exchangeable Bonds Scheme, 2008 or (with effect from October 1, 1996) on bonds/Global Depository Receipts of a public sector company sold by the Government and purchased 
by him in foreign currency

Not Available

-

Not Available

10%

Note-1

b. income by way of long-term capital gains arising from transfer of bonds or, as the case maybe, shares referred above

-

First and second provisos to section 48 are not applicable

Not Available

10%

Yes

115ACA

Income from Global Depository Receipts held by a resident individual who is an employee of an Indian company engaged in specified knowledge based industry or service or an employee of its subsidiary engaged in specified knowledge based industry or service

 

 

 

 

 

• Dividend [other than dividend referred to in section 115-O on Global Depository Receipts of an Indian company engaged in specified knowledge based industry / service issued under notified 
employees stock option scheme and purchased in foreign currency

Not Available

-

Not Available

10%

Yes

• Long-term capital gain on transfer of such receipts

-

First and second provisos to section 48 are not applicable

Not Available

10%

Yes

115AD

The following income of a notified Foreign Institutional Investor

 

 

 

 

 

a. income (not being dividend referred to in section 115-O) received in respect of securities (other than units referred to in section 115AB)

Not Available

-

Not Available

20%

Yes

b. income by way of short- term or long-term capital gains arising from the transfer of such securities applicable

-

First and second provisos to section 48 are not applicable

Not Available

Long Term : 10% , Long Term u/s 112A in excess of Rs. 1 lakh : 10% , short-term u/s 111A : 15% , any other short-term: 30%

Yes

c. interest referred to in section 194LD (from assessment year 2014-15)

Not Available

-

Not Available

5%

Yes

115BBA(1)(a)

The following income of non-resident sportsman who is a foreign citizen

 

 

 

 

 

i. participation in India in any game (other than a game the winnings where from are taxable under section 115BB) or sports ; or

Not Available

-

Not Available

20%

Note-1

ii. advertisement; or

Not Available

-

Not Available

20%

Note-1

iii. Contribution of article relating to any game or sport in India in news papers magazines or journals

Not Available

-

Not Available

20%

Note-1

115BBA(1)(b)

Any amount guaranteed to be paid or payable to a non-resident sports association or institution in relation to any game (not being a game referred to in section 115BB) or sports played in India

Not Available

-

Not Available

20%

Note-1

115BBA(1)(c)

Income of a non-resident foreign citizen entertainer

Not Available

-

Not Available

20%

Note-1

115D

The following incomes of anon- resident Indian or a person of Indian origin:

 

 

 

 

 

a. investment income from foreign exchange assets

No Deduction under any provision

-

Not Available

20%

Note-1

b. long-term capital gain on transfer of foreign ex- change assets

-

First and second provisos to section 48 are not applicable

Not Available

10%

Note-1

Note-1  :           It is not necessary for an assessee referred to in section 115A(1), 115AC(1), 115BBA or 115D to furnish his return of income under section 139(1) if—
a.          his income in respect of which he is assessable under the Act during the previous year consisted only of income referred to in section 115A(1)(a) or 115AC(1)(a) or 115BBA or section 115D ; and
b.          the tax deductible at source under the Act has been deducted from such income.




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