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of <h1>Tax Rates for Foreign Institutional Investors and Specified Funds: Flat Rates for Securities Income, Short- and Long-Term Capital Gains</h1> Assessees that are Foreign Institutional Investors or specified funds are taxed on securities-related income and capital gains at prescribed flat rates: income from securities (excluding certain units) at 20% for FIIs and 10% for specified funds; short-term capital gains generally 30% (20% for those under the special short-term category); long-term capital gains 12.5% (including specified long-term gains above Rs.125,000); and remaining total income at prevailing rates. Specified funds are taxed only to the extent income is attributable to units held by non-residents; special rules apply to investment divisions of offshore banking units. Deductions are restricted where gross income consists solely of securities income; mixed incomes are reduced by specified items before Chapter VIII deductions. Certain capital-gains provisions and statutory definitions apply as prescribed.
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