196C. Income from foreign currency bonds or shares of Indian company
196C. Income from foreign currency bonds or shares of Indian company.— 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 76[by any mode], whichever is earlier, deduct income-tax thereon at the rate of ten per cent.
