Tax on income from bonds and GDRs taxed at a specified flat rate with limited deductions and filing exemptions. Non resident income from interest on specified bonds purchased in foreign currency, dividends on Global Depository Receipts acquired through approved intermediaries in foreign currency, and long term capital gains on their transfer are subject to a special tax regime: separate tax computation on interest/dividends and on long term capital gains at specified flat rates, plus tax on the remaining income. Deductions are restricted when gross income consists solely of those items; otherwise specified income is excluded for computing Chapter VI A relief. Computational, filing, and succession rules for amalgamation are specified.
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.
Tax on income from bonds and GDRs taxed at a specified flat rate with limited deductions and filing exemptions.
Non resident income from interest on specified bonds purchased in foreign currency, dividends on Global Depository Receipts acquired through approved intermediaries in foreign currency, and long term capital gains on their transfer are subject to a special tax regime: separate tax computation on interest/dividends and on long term capital gains at specified flat rates, plus tax on the remaining income. Deductions are restricted when gross income consists solely of those items; otherwise specified income is excluded for computing Chapter VI A relief. Computational, filing, and succession rules for amalgamation are specified.
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