India - Income Tax Act 2010 - Saarc

S. 196D I.T. ACT, 1961 1.766be deemed to be credit of such income to the account of the payee andthe provisions of this section shall apply accordingly.]25[Income from units. 26196B. 27 [Where any income in respect of units referred to in section 115AB orby way of long-term capital gains arising from the transfer of such unitsis payable to an Offshore Fund], the person responsible for making the paymentshall, at the time of credit of such income to the account of the payee or at thetime of payment thereof in cash or by the issue of a cheque or draft or by anyother mode, whichever is earlier, deduct income-tax thereon at the rate of ten percent.]28[Income from foreign currency bonds or shares 29 of Indian company. 30196C. 31 [Where any income by way of interest or dividends in respect of 32 [bondsor Global Depository Receipts] referred to in section 115AC or by way oflong-term capital gains arising from the transfer of such 32 [bonds or GlobalDepository Receipts] is payable to a non-resident], the person responsible formaking the payment shall, at the time of credit of such income to the account ofthe payee or at the time of payment thereof in cash or by the issue of a chequeor draft or by any other mode, whichever is earlier, deduct income-tax thereonat the rate of ten per cent :33[Provided that no such deduction shall be made in respect of any dividendsreferred to in section 115-O.]34[Income of Foreign Institutional Investors from securities. 35196D. (1) Where any income in respect of securities referred to in clause (a) ofsub-section (1) of section 115AD is payable to a Foreign InstitutionalInvestor, the person responsible for making the payment shall, at the time ofcredit of such income to the account of the payee or at the time of paymentthereof in cash or by issue of a cheque or draft or by any other mode, whicheveris earlier, deduct income-tax thereon at the rate of twenty per cent :25. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991.26. See rules 30, 31, 31A, 31AB, 37A and 37BA and Form Nos. 16A, 26AS and 27Q.27. Substituted for “Where any income is payable in respect of units referred to in section115AB to an Offshore Fund” by the Finance Act, 1993, w.e.f. 1-6-1993.28. Inserted by the Finance Act, 1992, w.e.f. 1-6-1992.29. Should be read as ‘bonds or global depository receipts’.30. See rules 30, 31, 31A, 31AB, 37A and 37BA and Form Nos. 16A, 26AS and 27Q.31. Substituted for “Where any income by way of interest or dividends is payable in respectof bonds or shares referred to in section 115AC to a non-resident” by the Finance Act, 1993,w.e.f. 1-6-1993.32. Substituted for “bonds or shares” by the Finance Act, 2001, w.e.f. 1-4-2002.33. Inserted by the Finance Act, 2003, w.e.f. 1-4-2003. Earlier the proviso was inserted by theFinance Act, 1997, w.e.f. 1-6-1997 and later on omitted by the Finance Act, 2002, w.e.f.1-6-2002.34. Inserted by the Finance Act, 1993, w.e.f. 1-6-1993.35. See rules 30, 31, 31A, 31AB, 37A and 37BA and Form Nos. 16A, 26AS and 27Q.