Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer.

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....total income of an assessee, being a specified fund or Foreign Institutional Investor, which includes income referred to 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 in respect of securities other ....

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....s of this section shall apply only to the extent of income that is attributable to units held by non-resident (not being a permanent establishment of such non-resident in India) calculated in the manner as may be prescribed, irrespective of the provisions of sub-section (1). (3) Irrespective of anything contained in sub-section (1), where the specified fund is an investment division of an offshor....

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....e referred to in sub-section (1) (Table: Sl. No. 1) to (Table: Sl. No. 5),-- (i) the gross total income shall be reduced by the amount of such income; and (ii) the deduction under Chapter VIII shall be allowed as if the gross total income as so reduced, were the gross total income of the specified fund or Foreign Institutional Investor. (5) The provisions of section 72(6) shall not apply for ....