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of <h1>Non-Residents: 10% Tax on Bond Interest & GDR Dividends; Long-Term Gains at 10% Until July 2024, Then 12.5%.</h1> Section 115AC of the Income Tax Act outlines the tax rates for non-residents earning income from bonds or Global Depository Receipts (GDRs) purchased in foreign currency. Interest income from bonds and dividends from GDRs are taxed at 10%. Long-term capital gains from transferring these assets are taxed at 10% until July 22, 2024, and 12.5% thereafter. No deductions for expenses or allowances are permitted for interest income, and specific provisions of section 48 do not apply to long-term capital gains. Non-residents with only interest income and deducted TDS are not required to file a return under section 139(1).
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