Clause 85 - Amendment of section 206AA. - Finance Bill, 2016

Amendment of section 206AA. 85. In section 206AA of the Income-tax Act, for sub-section (7), the following sub-section shall be substituted with effect from the 1st day of June, 2016, namely:- (7) The provisions of this section shall not apply to a non-resident, not being a company, or to a foreign company, in respect of- (i) payment of interest on long-term bonds as referred to in section 194LC; and (ii) any other payment subject to such conditions as may be prescribed. .