Income Tax Act, 1967.

Dividends paid outside State and proceeds of sale of dividend coupons.

461.—Where—

(a) a banker or any other person in the State, by means of coupons received from another person or otherwise on his behalf, obtains payment of any dividends to which this Part applies elsewhere than in the State; or

(b) a banker in the State sells or otherwise realises coupons for any dividends to which this Part applies and pays over the proceeds of such realisation to or carries such proceeds to the account of any person; or

(c) a dealer in coupons in the State purchases coupons for any dividends to which this Part applies otherwise than from a banker or another dealer in coupons,

the tax under Schedule D shall extend, in the case mentioned in paragraph (a), to the dividends, in the case mentioned in paragraph (b), to the proceeds of the realisation and, in the case mentioned in paragraph (c), to the price paid on such purchase and Parts IV, V and VI of Schedule 1 shall have effect in relation to the assessment, charge and payment of the tax.