Telecom Regulatory Authority of India Act,1997

Act No : 24

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Section : Substitution of new Section for Section 115E.

36. Substitution of new Section for Section 115E. For section 115E of the Income-tax Act, the following section shall be substituted with effect from the 1st day or April, 1998, namely:- "115E. 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 aggregate of- (i) the amount of income-tax calculated on the income by way of long- term capital gains referred to in clause (a), if any, included in the total income, at the rate of twenty per cent; (ii) 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.; and (iii) the amount of income-tax with which he would have been chargeable has his total income been reduced by the amount of income referred to in clauses (a) and (b)".

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