Income from foreign currency bonds or shares of Indian company

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.... gains arising from the transfer of such ^4[bonds or Global Depository Receipts] is payable to a non-resident], the person responsible for making the payment shall, at the time of credit of such income to the account of the payee or at the time of payment thereof ^6[by any mode], whichever is earlier, deduct income-tax thereon ^8[at the rate of-- (a) ten per cent. in respect of income by ....

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....s read as, "Where any income by way of interest or dividends is payable in respect of bonds or shares referred to in section 115AC to a non-resident" 3. Substituted vide Section 72 of the Finance Act, 2001 w.e.f. 01-04-2002 before it was read as, "bonds or shares" 4. Substituted vide Section 72 of the Finance Act, 2001 w.e.f. 01-04-2002 before it was read as, "b....