Withholding tax rates for bonds and GDRs revised; higher rate applies to long term gains on transfers after the amendment date. Amendment revises section 196C to replace the single flat rate with a tiered regime for bonds and Global Depository Receipts referred to in section 115AC: a ten percent rate for interest and dividends; ten percent for long term capital gains on transfers before 23 July 2024; and a higher rate for long term capital gains on transfers on or after 23 July 2024, deemed effective from 23 July 2024.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Withholding tax rates for bonds and GDRs revised; higher rate applies to long term gains on transfers after the amendment date.
Amendment revises section 196C to replace the single flat rate with a tiered regime for bonds and Global Depository Receipts referred to in section 115AC: a ten percent rate for interest and dividends; ten percent for long term capital gains on transfers before 23 July 2024; and a higher rate for long term capital gains on transfers on or after 23 July 2024, deemed effective from 23 July 2024.
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