Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer.

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....(1) The income-tax payable, on the total income of an assessee, being a non-resident, which includes income specified in column B of the Table below, shall be the aggregate of the amounts mentioned in column C thereof. Table Sl.No. Income Income-tax payable A B C 1. From interest on-- (a) bonds of an Indian company issued as per[1] with such scheme as notified by the Central Govern....

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....eferred to against serial number 1 or Global Depository Receipts referred to against serial number 2. 12.5% 4. Total income as reduced by income referred to against serial numbers 1 to 3. Income-tax chargeable on such income. (2) Where the gross total income of the non-resident- (a) consists only of income by way of interest or dividends in respect of-- (i) bonds referred to in sub-sectio....

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....e necessary for a non-resident to furnish a return of his income under section 263(1), if- (a) his total income during the tax year consisted only of income referred to in sub-sections (1) (Table: Sl. No. 1) and (Table: Sl. No. 2); and (b) the tax deductible at source under the provisions of Chapter XIX-B has been deducted from such income. (5) Where the assessee acquired Global Depository Re....