Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer

The income -tax payable, on the total income of an assessee, non- resident, which includes income specified in column B of the Table shall be the aggregate of the amounts mentioned in column C thereof. Table Sl. Income Income-tax No. payable 15 A B C 1. From interest on–– 10 % (a) bonds of an Indian company issued in accordance with such scheme as notified by the Central Government; or (b) bonds of a public sector company sold by the Government, and purchased in foreign currency. 2. From dividends on Global Depository Receipts— 10 % (a) issued as per such scheme as the Central 25 Government may, notified, against the initial issue of shares of an Indian company and purchased in foreign currency through an approved intermediary; or (b) issued against the shares of a public sector company sold by the Government and purchased by him in foreign currency through an approved intermediary; or (c) issued or re-issued in accordance with a scheme notified by the Central Government, against the existing shares of an Indian company purchased in foreign currency through an approved intermediary. 3. Long-term capital gains arising from the transfer of 12. bonds referred to against serial number 1 or Global 40 Depository Receipts referred to against serial number 2. 4. Total income as reduced by income referred to against Income- serial numbers 1 to 3. tax chargeable on income.

Where the gross total income of the non-resident— (a) consists only of income by way of interest or dividends in of–– (i) bonds referred to in sub-section (1) (Table: Sl. No. sub-section (1); or