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of <h1>Finance Bill 2024 amends Section 196C: Tax on foreign bond income for non-residents changes to 10-12.5%.</h1> Clause 64 of the Finance (No. 2) Bill, 2024, proposes an amendment to section 196C of the Income-tax Act. This section pertains to the taxation of income from foreign currency bonds or shares of an Indian company for non-residents. The amendment specifies that income tax should be deducted at a rate of ten percent for interest or dividends and long-term capital gains from transfers before July 23, 2024. For transfers occurring on or after this date, the tax rate for long-term capital gains will increase to twelve and one-half percent. The amendment is effective retrospectively from July 23, 2024.
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