Clause 82 - Amendment of section 194LC. - Finance Bill, 2020

Amendment of section 194LC. 82. In section 194LC of the Income-tax Act, (i ) in sub-section (1 ), the following proviso shall be inserted, namely: Provided that in case of income by way of interest referred to clause (ib ) of sub-section (2 ), the income-tax shall be deducted at the rate of four per cent. ; (ii ) in sub-section (2 ), (a ) in clause (i ), in sub-clause (a ) and sub-clause (c ), for the figures 2020 , the figures 2023 shall be substituted; (b ) in clause (ia ), for the figures and word 2020, and , the figures and word 2023, or shall be substituted; (c ) after clause (ia ), the following clause shall be inserted, namely: (ib ) in respect of monies borrowed by it from a source outside India by way of issue of any long-term bond or rupee denominated bond on or after the 1st day of April, 2020 but before the 1st day of July, 2023, which is listed only on a recognised stock exchange located in any International Financial Services Centre, and ; (iii ) in the Explanation , after clause (b ), the following clauses shall be inserted, namely: (c ) International Financial Services Centre shall have the meaning assigned to it in clause (q ) of section 2 of the Special Economic Zones Act, 2005; (28 of 2005) (d ) recognised stock exchange shall have the meaning assigned to it in clause (ii ) of Explanation 1 to clause (5 ) of section 43. .