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of <h1>Section 115ACA: 10% Tax on GDR Dividends and Gains for Indian IT Employees, No Deductions on Sole GDR Income</h1> Section 115ACA, introduced by the Finance Act, 1999, effective from April 1, 2000, addresses tax on income from Global Depository Receipts (GDRs) for resident employees of Indian IT companies. It specifies a 10% tax rate on dividends and long-term capital gains from GDRs purchased in foreign currency. If a resident employee's income solely consists of such dividends, no other deductions are allowed. For income including GDR-related dividends or gains, deductions apply as if these were excluded. The section clarifies definitions related to GDRs, IT services, and relevant banking entities.
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