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of <h1>Finance Bill 2020 amends Section 115AC: Taxation on all dividend income for non-residents effective April 2021.</h1> Clause 48 of the Finance Bill, 2020, amends section 115AC of the Income-tax Act. It removes the exclusion of dividends referred to in section 115-O from the taxation of income from bonds or Global Depository Receipts purchased in foreign currency and related capital gains. This change ensures all dividend income is taxed in the hands of non-residents. The amendment takes effect on April 1, 2021, and applies to the assessment year 2021-2022 and subsequent years.
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