Amendment of section 196C
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.” |