Association of persons or body of individuals or artificial juridical person formed for a particular event or purpose - Income Tax Bill, 2025 - Old Version
Association of persons or body of individuals or artificial juridical person formed for a particular event or purpose - Income Tax Bill, 2025 - Old Version
Tax on specified incomes applies designated flat rates to winnings, patents, carbon credits and virtual digital asset transfers. Clause 194 requires tax for a year to be the sum of tax separately calculated on specified incomes at prescribed flat rates and tax on the remaining total ... Summary
Tax on specified incomes applies designated flat rates to winnings, patents, carbon credits and virtual digital asset transfers.
Clause 194 requires tax for a year to be the sum of tax separately calculated on specified incomes at prescribed flat rates and tax on the remaining total income. The Table lists categories - winnings, patent royalties for resident patentees opting in, carbon credit transfers, virtual digital asset transfers, online game winnings, and life insurance business profits - with associated rates and conditions including disallowance of deductions, an option and lock in for patent royalties, and restrictions on loss set off and carry forward for virtual digital assets.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.