TaxTMI 
TaxTMI 
Substitution of new section for section 115AC
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....obal Depository Receipts purchased in foreign currency 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 on bonds 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, or on bonds....
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....specify in this behalf, against the existing shares of an Indian company purchased by him in foreign currency through an approved intermediary; or (iv) 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 through an approved intermediary, against the shares of an India....
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....income-tax calculated on the income by way of long-term capital gains referred to in clause (c), if any, at the rate of ten per cent. ; and (iii) the amount of income-tax with which the non-resident would have been chargeable had his total income been reduced by the amount of income referred to in clauses (a), (b) and (c). (2) Where the gross total income of the non-resident- ....
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....n 48 shall apply for the computation of long-term capital gains arising out of the transfer of long-term capital asset, being bonds or Global Depository Receipts referred to in clause (c) of sub-section (1). (4) It shall not be necessary for a non-resident to furnish under sub-section (1) of section 139 a return of his income if- (a) his total income in respect of which he is ass....