Tax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer – (New) Section 193 / (Old) Section 115ACA

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....ce; or • its subsidiary engaged in such industry or service. Such employee is referred to as a resident employee. Eligible Income and Tax Rates S.No. Nature of Income Tax Rate 1. Dividend income from eligible GDRs purchased in foreign currency under a notified ESOS 10% 2. Long-term capital gains arising from transfer of such GDRs 12.5% 3. Remaining income of the assessee Taxed at normal rates in force Restriction and Computation of Deductions (a) consists only of income by way of dividends in respect of Global Depository Receipts, no deduction shall be allowed to him under any other provision of this Act; (b) includes any income referred to in section 193(1)....

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...." means any representation of instructions, data, sound or image, including source code and object code, recorded in a machine readable form and capable of being manipulated or providing inter-activity to a user, by means of an automatic data processing machine falling under heading information technology products but does not include non-information technology products; (d) "Overseas Depository Bank" means a bank authorised by the issuing company to issue Global Depository Receipts against issue of Foreign Currency Convertible Bonds or ordinary shares of the issuing company; (e) "specified knowledge based industry or service" means- (i) information technology software; or (ii) information technology service; or ....