Tax on income from units purchased in foreign currency or capital gains arising from their transfer.

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....n assessee, being an overseas financial organisation (herein referred to as Offshore Fund), which includes income specified in column B of the Table below, shall be the aggregate of income-tax computed at the rate specified in the column C applied on the corresponding income specified in column B. Table Sl. No. Income Rate of income-tax payable A B C 1. Income received i....

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....the gross total income so reduced were the gross total income of the assessee. (3) For the purposes of this section,-- (a) "overseas financial organisation" means any fund, institution, association or body, whether incorporated or not, established under the laws of a country outside India,-- (i) which has entered into an arrangement for investment in India with any public sect....