Return of income not to be filed in certain cases It shall not be necessary for a non-resident Indian to furnish under sub-section (1) of section 139 a return of his income if—  (a) his total income in respect of which he is assessable under this Act during the previous year consisted only of investment income or […]

Deemed income relating to certain companies (1) Notwithstanding anything contained in any other provisions of this Act, where in the case of an assessee, being a company, the total income, as computed under this Act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April,

Capital gains on transfer of foreign exchange assets not to be charged in certain cases (1) Where, in the case of an assessee being a non-resident Indian, any long-term capital gains arise from the transfer of a foreign exchange asset (the asset so transferred being hereafter in this section referred to as the original asset),

Tax credit in respect of tax paid on deemed income relating to certain companies Unlocking Tax Relief for Eligible Companies Within the intricate tapestry of the Indian Income Tax Act 1961, Section 115JAA holds the potential to alleviate tax burdens for certain companies. This section, often overlooked, offers a valuable tax credit mechanism, empowering eligible

Special provision for payment of tax by certain companies (1) Notwithstanding anything contained in any other provision of this Act, where in the case of an assessee, being a company, the income-tax, payable on the total income as computed under this Act in respect of any previous year relevant to the assessment year commencing on

Special provisions for payment of tax by certain persons other than a company (1) Notwithstanding anything contained in this Act, where the regular income-tax payable for a previous year by a person, other than a company, is less than the alternate minimum tax payable for such previous year, the adjusted total income shall be deemed

Tax on investment income and long-term capital gains Where the total income of an assessee, being a non-resident Indian, includes—  (a) any income from investment or income from long-term capital gains of an asset other than a specified asset;  (b) income by way of long-term capital gains, the tax payable by him shall be the

Special provision for computation of total income of non-residents (1) No deduction in respect of any expenditure or allowance shall be allowed under any provision of this Act in computing the investment income of a non-resident Indian. (2) Where in the case of an assessee, being a non-resident Indian,—  (a) the gross total income consists

SPECIAL PROVISIONS RELATING TO CERTAIN INCOMES OF NON-RESIDENTS In this Chapter, unless the context otherwise requires,—  (a) “convertible foreign exchange” means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 (42 of 1999), and any

Tax on winnings from online games Notwithstanding anything contained in any other provisions of this Act, where the total income of an assessee includes any income by way of winnings from any online game, the income-tax payable shall be the aggregate of—   (i) the amount of income-tax calculated on net winnings from such online games during