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What is Tax on non-resident sportsmen or sports associations? What is Tax on income from units of an open-ended equity oriented fund of the Unit Trust of India or of Mutual Funds? Section 115BBA and 115BBB of Income Tax Act 1961

Tax on non-resident sportsmen or sports associations and Tax on income from units of an open-ended equity oriented fund of the Unit Trust of India or of Mutual Funds are defined under sections 115BBA and 115BBB of Income Tax Act 1961. Provisions under these Sections are :

Section 115BBA of Income Tax Act "Tax on non-resident sportsmen or sports associations"

Section 115BBA. (1) Where the total income of an assessee,-

(a) being a sportsman (including an athlete), who is not a citizen of India and is a non-resident, includes any income received or receivable by way of-

(i) participation in India in any game (other than a game the winnings wherefrom are taxable under section 115BB) or sport; or
(ii) advertisement; or

(iii) contribution of articles relating to any game or sport in India in newspapers, magazines or journals; or

(b) being a non-resident sports association or institution, includes any amount guaranteed to be paid or payable to such association or institution in relation to any game (other than a game the winnings wherefrom are taxable under section 115BB) or sport played in India; or
 

 

(c) being an entertainer, who is not a citizen of India and is a non-resident, includes any income received or receivable from his performance in India,

the income-tax payable by the assessee shall be the aggregate of-
(i) the amount of income-tax calculated on income referred to in clause (a) or clause (b) or clause (c) at the rate of twenty 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 income referred to in clause (a) or clause (b) or clause (c) :

Provided that no deduction in respect of any expenditure or allowance shall be allowed under any provision of this Act in computing the income referred to in clause (a) or clause (b) or clause (c).

(2) It shall not be necessary for the assessee 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 income referred to in clause (a) or clause (b) or clause (c) of sub-section (1); and

(b) the tax deductible at source under the provisions of Chapter XVII-B has been deducted from such income.

Section 115BBB of Income Tax Act "Tax on income from units of an open-ended equity oriented fund of the Unit Trust of India or of Mutual Funds"

Section 115BBB. (1) Where the total income of an assessee includes any income from units of an open-ended equity oriented fund of the Unit Trust of India or of a Mutual Fund, the income-tax payable shall be the aggregate of-
(a) the amount of income-tax calculated on income from units of an open-ended equity oriented fund of the Unit Trust of India or of a Mutual Fund, at the rate of ten per cent; and
(b) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (a).
(2) Nothing contained in sub-section (1) shall apply in relation to any income from units of an open-ended equity oriented fund of the Unit Trust of India or of the Mutual Fund arising after the 31st day of March, 2003.
Explanation.-For the purposes of this section, the expressions "Mutual Fund", "open-ended equity oriented fund" and "Unit Trust of India" shall have the meanings respectively assigned to them in the Explanation to section 115T.

Income Tax Act 1961

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What is Tax on dividends, royalty and technical service fees in the case of foreign companies? Section 115A of Income Tax Act 1961

What is Tax on income from units purchased in foreign currency or capital gains arising from their transfer? Section 115AB of Income Tax Act 1961

What is Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer? Section 115AC of Income Tax Act 1961

What is Tax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer? Section 115ACA of Income Tax Act 1961

What is Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer? Section 115AD of Income Tax Act 1961

What is Tax on profits and gains of life insurance business? What is Tax on winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature whatsoever? Section 115B and 115BB of Income Tax Act 1961

What is Tax on non-resident sportsmen or sports associations? What is Tax on income from units of an open-ended equity oriented fund of the Unit Trust of India or of Mutual Funds? Section 115BBA and 115BBB of Income Tax Act 1961

What is Tax on non-resident sportsmen or sports associations? What is Tax on income from units of an open-ended equity oriented fund of the Unit Trust of India or of Mutual Funds? Section 115BBA and 115BBB of Income Tax Act 1961

What is the meaning of Anonymous donations to be taxed in certain cases? What is Tax on certain dividends received from foreign companies? Section 115BBC and 115BBD of Income Tax Act 1961

What is Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D? Section 115BBE of Income Tax Act 1961

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