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Section 196C - TDS on Income from foreign currency bonds or GDRs - Income Tax - Ready Reckoner - Income TaxExtract Section 196C : TDS ON INCOME FROM FOREIGN CURRENCY BONDS OR GDRS Where any income by way of Interest in respect of bonds referred u/s 115AC or Dividends in respect of Global Depository Receipts (GDR's) referred u/s 115AC or Long-term capital gain s arising from the transfer of such bonds or GDR's is payable to a non-resident. the person responsible for making the payment shall deduct income tax thereon @ 10%. Time of Deduction At the time of credit or payment, whichever is earlier. Note: Dividend income on GDR is exempt under section 10(34) and therefore no TDS on such dividend.
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