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of <h1>Section 115AC Amended: 10% Tax on Non-Resident Income from Foreign Bonds, GDRs, and Capital Gains. No Deductions Allowed.</h1> Section 115AC of the Income-tax Act is replaced, effective April 1, 2002, to address taxation on income from bonds or Global Depository Receipts (GDRs) purchased in foreign currency and capital gains from their transfer. Non-residents earning interest on specified bonds or dividends on GDRs, or capital gains from their transfer, are taxed at 10%. No deductions are allowed if the income solely consists of interest or dividends. Non-residents need not file a return if tax is deducted at source and income only includes specified interest and dividends. Provisions also cover GDRs or bonds acquired through company mergers.
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