Income-tax Act, 1961
Section - 115AC - Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer
Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer.115AC. (1) Where the total income of an assessee, being a non-resident, includes-
| (a) | - | income by way of interest on bonds of an Indian company issued in accordance with such scheme as the Central Government may, by notification in the Official Gazette, specify in this behalf, or on bonds of a public sector company sold by the Government, and purchased by him in foreign currency; or |
| (b) | - | income by way of dividends on Global Depository Receipts- |
| (i) | - | issued in accordance with such scheme as the Central Govern-ment may, by notification in the Official Gazette, specify in this behalf, against the initial issue of shares of an Indian company and purchased by him in foreign currency through an approved intermediary; or |
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