Income Tax Act, 2025
Section 7: Subs. by Act 18 of 2008, s. 22, for “ten per cent.” (w.e.f. 12009).
7. Subs. by Act 18 of 2008, s. 22, for “ten per cent.” (w.e.f. 12009).
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(iii) the amount of income-tax calculated on the income by way of long-term capital gains
referred to in clause (b), if any, included in the total income, at the rate of ten per cent.; 1***
2[Provided that in case of income arising from the transfer of a long-term capital asset referred to
in section 112A, income-tax at the rate of ten per cent. shall be calculated on such income exceeding
one lakh rupees; and]
(iv) the amount of income-tax with which the Foreign Institutional Investor would have been
chargeable had its total income been reduced by the amount of income referred to in clause (a) and
clause (b).
(2) Where the gross total income of the Foreign Institutional Investor—
(a) consists only of income in respect of securities referred to in clause (a) of sub-section (1), no
deduction shall be allowed to it under sections 28 to 44C or clause (i) or clause (iii) of section 57 or
under Chapter VIA;
(b) includes any income referred to in clause (a) or clause (b) of sub-section (1), the gross total
income shall be reduced by the amount of such income and the deduction under Chapter VIA shall be
allowed as if the gross total income as so reduced, were the gross total income of the Foreign
Institutional Investor.
(3) Nothing contained in the first and second provisos to section 48 shall apply for the computation of
capital gains arising out of the transfer of securities referred to in clause (b) of sub-section (1).
Explanation.—For the purposes of this section,—
(a) the expression “Foreign Institutional Investor” means such investor as the Central
Government may, by notification in the Official Gazette, specify in this behalf;
(b) the expression “securities” shall have the meaning assigned to it in clause (h) of section 2 of
the Securities Contracts (Regulation) Act, 1956 (42 of 1956).]
115B. Tax on profits and gains of life insurance business.—3[(1)] Where the total income of an
assessee includes any profits and gains from life insurance business, the income-tax payable shall be the
aggregate of—
(i) the amount of income-tax calculated on the amount of profits and gains of the life insurance
business included in the total income, at the rate of twelve and one-half per cent; and
(ii) the amount of income-tax with which the assessee would have been chargeable had the total
income of the assessee been reduced by the amount of profits and gains of the life insurance business.
4[(2) Notwithstanding anything contained in sub-section (1) or in any other law for the time being in
force or any instrument having the force of law, the assessee shall, in addition to the payment of incometax computed under sub-section (1), deposit, during 5[the previous years relevant to the assessment years
commencing on the 1st day of April, 1989 and the 1st day of April, 1990], an amount equal to thirty-three
and one-third per cent of the amount of income-tax computed under clause (i) of sub-section (1), in such
social security fund (hereafter in this sub-section referred to as the security fund), as the Central
Government may, by notification in the Official Gazette, specify in this behalf:
the amount of income-tax calculated on the income by way of long-term capital gains
referred to in clause
the amount of income-tax with which the Foreign Institutional Investor would have been
chargeable had its total income been reduced by the amount of income referred to in clause
and
clause
Where the gross total income of the Foreign Institutional Investor—
consists only of income in respect of securities referred to in clause
of sub-section
or clause
of section 57 or
under Chapter VIA;
includes any income referred to in clause
or clause
of sub-section
Nothing contained in the first and second provisos to section 48 shall apply for the computation of
capital gains arising out of the transfer of securities referred to in clause
of sub-section
the expression “Foreign Institutional Investor” means such investor as the Central
Government may, by notification in the Official Gazette, specify in this behalf;
the expression “securities” shall have the meaning assigned to it in clause
of section 2 of
the Securities Contracts
Act, 1956 (42 of 1956).]
115B. Tax on profits and gains of life insurance business.—3[
the amount of income-tax calculated on the amount of profits and gains of the life insurance
business included in the total income, at the rate of twelve and one-half per cent; and
the amount of income-tax with which the assessee would have been chargeable had the total
income of the assessee been reduced by the amount of profits and gains of the life insurance business.
4[
Notwithstanding anything contained in sub-section
or in any other law for the time being in
force or any instrument having the force of law, the assessee shall, in addition to the payment of incometax computed under sub-section
of sub-section