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of <h1>Tax Breaks for Global Depository Receipts: Resident Employees in Knowledge-Based Industries Get Specialized Income Treatment Under Section 115ACA</h1> Section 115ACA of the Income Tax Act, 1961 provides a specialized tax treatment for resident employees of specified knowledge-based industries who purchase Global Depository Receipts in foreign currency. The provision establishes a unique tax calculation method for dividends and long-term capital gains from these receipts, with specific tax rates (10% for dividends and a graduated rate for capital gains) and allows deductions based on the gross total income composition.
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