Income from foreign currency bonds or shares of Indian company.

 

196C. Where any income by way of interest or dividends in respect of bonds or Global Depository Receipts referred to in section 115AC or by way of long-term capital gains arising from the transfer of such bonds or Global Depository Receipts is payable to a non-resident, the person responsible for making the payment shall, at the time of credit of such income to the account of the payee or at the time of payment thereof 1{by any mode}, whichever is earlier, deduct income-tax thereon at the rate of ten per cent :

 2{Provided that no such deduction shall be made in respect of any dividends referred to in section 115-O.}

 

 

 

NOTE-

Amendment

 

1 Substituted by the Finance Act, 2020 

in section 196C, for the figures and letters

in cash or by the issue of a cheque or draft or by  any other mode

the following shall be substituted namely,

by any mode.

 

 2.  Omitted by the Finance Act, 2020