The Tax Publishers

[1][115ACA. Tax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer.

[2][(1) Where the total income of an assessee, being an individual, who is a resident and an employee of an Indian company engaged in specified knowledge based industry or service, or an employee of its subsidiary engaged in specified knowledge based industry or service (hereafter in this section referred to as the resident employee), includes --

(a) income by way of [3][dividends] [4][* * *] on Global Depository Receipts of an Indian company engaged in specified knowledge based industry or service, issued in accordance with such Employees' Stock Option Scheme as the Central Government may, by notification[5] in the Official Gazette, specify in this behalf and purchased by him in foreign currency; or

(b) income by way of long-term capital gains arising from the transfer of Global Depository Receipts referred to in clause (a),

the income-tax payable shall be the aggregate of --

(i) the amount of income-tax calculated on the income by way of [6][dividends] [7][* * *] in respect of Global Depository Receipts referred to in clause (a), if any, included in the total income, at the rate of ten per cent;

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