Insertion of New Sections 115A and 115B

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....ees in the case of foreign companies. - (1) Subject to the provisions of sub-section (2), where the total income of an assessee, being a foreign company, includes any income by way of - (a) dividends; or (b) royalty or fees for technical services received from an Indian concern in pursuance of an agreement made by the foreign company with the Indian concern after the 31st day of ....

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....n the balance of such income, if any, at the rate of forty per cent.; (iii) the amount of income-tax calculated on the income by way of fees for technical services, if any, included in the total income, at the rate of forty per cent.; and (iv) the amount of income-tax with which it would have been chargeable had its total income been reduced by the amount of income referred to in....

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....been made before the 1st day of April, 1976; and the provisions of the annual Finance Act for calculating, charging, deducting or computing income-tax shall apply in relation to such income had been received in pursuance of an agreement made before the 1st day of April, 1976. 115B. Tax on profits and gains of life insurance business. -Where the total income of an assessee includes any pro....