Income from foreign currency bonds or shares of Indian company.91196C.
Where any income
by way of interest
or dividends in respect of bonds or Global Depository Receipts referred to in section 115AC
or by way of long-term capital gains arising from the transfer
of such bonds or Global Depository Receipts is payable to a non-resident, the person
responsible for making the payment shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of ten per cent :Provided
that no such deduction shall be made in respect of any dividends referred to in section 115-O