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of <h1>Finance Bill 2024: Section 115AC Amended, Raises Tax on Non-Resident Long-Term Capital Gains to 12.5% from July 23</h1> Clause 34 of the Finance (No. 2) Bill, 2024, amends section 115AC of the Income-tax Act, concerning tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains from their transfer. The amendment modifies the tax rate on long-term capital gains for non-residents. Transfers occurring before July 23, 2024, are taxed at 10%, while those on or after this date are taxed at 12.5%. This change is effective retroactively from July 23, 2024. The section also covers tax on interest and dividends from specified bonds and Global Depository Receipts at 10%.
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