Insertion of new section 115AC

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.... or capital gains arising from their transfer. - (1) Where the total income of an assessee, being a non-resident, includes - (a) income by way of interest or dividends, on bonds or shares of an Indian company issued in accordance with such scheme as the Central Government may, by notification in the Official Gazette, specify in this behalf, and purchased by him in foreign currency; or ....

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....e (b). (2) Where the gross total income of the non-resident - (a) consists only of income by way of interest or dividends in respect of bonds or, as the case may be, shares referred to in clause (a) of sub-section (1), no deduction shall be allowed to him under sections 28 to 44C or clause (i) or clause (iii) of section 57 or under Chapter VI-A; (b) includes any income r....