Disclosed herein is an aqueous-miscible or aqueous-dispersible biocidal composition of BIT capable of exhibiting substantially enhanced biocidal activity with lesser minimum inhibitory concentration (MIC) level at faster kill rate of gram-negative bacterial strains. The biocidal composition of the present application comprises (i) BIT, (ii) at least one cationic polymer and/or at least one cationic amine surfactant, (iii) optionally one or more sequestering agents, (iv) optionally one or more aromatic aldehydes, and (v) optionally, at least one additive. The composition is volatile organic compounds (VOC) free, heat and cold stable, and has a pH of about 3.0 to about 8.5. Also, disclosed is a process for preparing the aqueous-miscible and aqueous-dispersible compositions and their applications in various fields.

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