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

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....he 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....

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....s in force. (2) In case of specified fund, provisions 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 t....

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....on 93(1)(a) or (e) or under Chapter VIII; (b) includes any income 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 Fo....