Clause 64 - Amendment of section 196C. - Finance (No. 2) Bill, 2024

Amendment of section 196C. 64. In section 196C of the Income-tax Act, for the words at the rate of ten per cent. , the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely: at the rate of (a) ten per cent. in respect of income by way of interest or dividends in respect of bonds or Global Depository Receipts referred to in section 115AC; (b) ten per cent. in respect of long-term capital gains arising from transfer of such bond or Global Depository Receipts referred to in section 115AC which takes place before the 23rd day of July, 2024; (c) twelve and one-half per cent. in respect of long-term capital gains arising from transfer of such bond or Global depository Receipts referred to in section 115AC which takes place on or after the 23rd day of July, 2024. .