Tax on income from foreign currency purchased units: concessional rates for income and LTCG, with reporting and TDS obligations.

Section 115AB applies a concessional fixed tax on income from units purchased in foreign currency and on long term capital gains from their transfer (with a statutory rate amendment), while other income is taxed at normal rates; when gross income comprises such long term capital gains, indexation under the second proviso to section 48 is excluded and deductions under sections 28-44C are disallowed.

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