Withholding tax on bond and depository receipt income requires deduction from interest or dividends paid to non-residents.

Section 393(2), Table Sl. No. 13, requires any person making interest or dividend payments relating to specified bonds or Global Depository Receipts to deduct tax where the recipient is a non-resident. Tax is deductible at 10%, with no monetary threshold. The provision covers both interest and dividend income and corresponds in substance to section 196C read with section 115AC of the Income-tax Act, 1961.

---

---

---