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of <h1>Tax computed as sum of prescribed-rate taxes on specified incomes and tax on balance income with listed rates</h1> Where an assessee's total income includes specified categories, tax for the year is computed as the sum of tax on those specified incomes at prescribed rates and tax on the balance income. Taxable categories and rates include: winnings (lottery, puzzles, races, games, gambling) 30%; patentee's royalty for patents developed/registered in India 10% (no deductions; elective with a five-year continuity rule); transfer of carbon credits 10% (no deductions); transfer of virtual digital assets 30% (no deductions other than cost of acquisition; no set-off or carry forward of losses); net winnings from online games 30%; and life-insurance business profits 12.5%. Definitions and terms are specified.
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