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TMI BlogSubstitution of new section for section 115ACX X X X Extracts X X X X X X X X Extracts X X X X ..... s 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 of a public sector company sold by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Indian company arising out of disinvestment by such company in its subsidiary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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- (a) consists only of income by way of interest or dividends other than dividends referred to in section 115-O in re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 assessable under this Act during the previous year consisted only of income referred to in clauses (a) and (b) of sub-section (1) ; and (b) the tax de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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