Section 214 — Tax on investment income and long-term capital gains
Old Act equivalent: Section 115E of IT Act 1961 Sub-part: E—Special provisions relating to non-residents and foreign companies
Statutory Text
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The income-tax payable on the total income of an assessee, being a non-
resident Indian, 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 from investment. 20% 2. Income from long-term capital gains on specified asset. 12.5% 3. Total income as reduced by income referred to against serial numbers 1 and 2. Rates in force. Capital gains on transfer of foreign exchange assets not to be charged in certain cases.
Provisos
None.
Explanations
None.
Tables
See statutory text above.
Key Structure
- Applies to: Non-resident Indian with investment income or LTCG from foreign exchange assets.
- Conditions: Investment income and LTCG from specified assets/foreign exchange assets.
- Time limits: None.
- Monetary limits: Investment income: 20%; LTCG on specified assets: 12.5%.
- Exceptions: None.
Cross-References
None identified.
Amendment Notes
None noted from the extracted pages.