Tax on income from units purchased in foreign currency: specified rates and limited deductions for overseas financial organisations. A special tax scheme applies to an overseas financial organisation investing in specified Indian units: distinct, specified tax rates are imposed on income from units purchased in foreign currency and on long-term capital gains from their transfer, with remaining income taxed at rates in force. Deductions under listed provisions and Chapter VIII are denied where gross total income consists only of the specified unit income or gains; if such income is partial, it is excluded first and Chapter VIII deductions are then allowed as if the reduced amount were the gross total income. Definitions require SEBI approval and specify eligible unit types.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax on income from units purchased in foreign currency: specified rates and limited deductions for overseas financial organisations.
A special tax scheme applies to an overseas financial organisation investing in specified Indian units: distinct, specified tax rates are imposed on income from units purchased in foreign currency and on long-term capital gains from their transfer, with remaining income taxed at rates in force. Deductions under listed provisions and Chapter VIII are denied where gross total income consists only of the specified unit income or gains; if such income is partial, it is excluded first and Chapter VIII deductions are then allowed as if the reduced amount were the gross total income. Definitions require SEBI approval and specify eligible unit types.
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