Withholding on non-resident bond and GDR income: higher long-term capital gains withholding applies for later transfers. Amendment to section 196C requires the person responsible for payments to non-residents in respect of bonds or Global Depository Receipts to deduct tax at ... Summary
Withholding on non-resident bond and GDR income: higher long-term capital gains withholding applies for later transfers.
Amendment to section 196C requires the person responsible for payments to non-residents in respect of bonds or Global Depository Receipts to deduct tax at source at the time of credit or payment. The specified rates are ten per cent on interest or dividends; ten per cent on long-term capital gains for transfers before 23rd July, 2024; and twelve and one-half per cent on long-term capital gains for transfers on or after 23rd July, 2024. The amendment is retrospective to 23rd July, 2024.
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