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of <h1>Tax on Carbon Credit Transfers: 10% on Transfer Income plus Normal Tax on Remaining Income; No Deductions Allowed</h1> Where an assessee's total income includes income from transfer of carbon credits, tax on that income is a composite: 10% tax on the income arising from carbon-credit transfers, plus the tax the assessee would owe on the remainder of total income after excluding that carbon-credit income. No expenditure or allowance may be deducted in computing the taxable income from carbon-credit transfers. 'Carbon credit' means one unit equal to a validated reduction of one tonne of CO2 or its equivalent gases as certified by the UNFCCC and tradable at market price.
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