Section 81 - Amendment of section 194LBA. - Finance Act, 2020

Amendment of section 194LBA. 81. In section 194LBA of the Income-tax Act,- (a) the words, brackets and letter sub-clause (a) of at both the places where they occur shall be omitted; (b) in sub-section (2), for the words five per cent. , the words, brackets and letters five per cent. in case of income of the nature referred to in sub-clause (a) and ten per cent. in case of income of the nature referred to in sub-clause (b), of the said clause shall be substituted; (c) after sub-section (2), the following sub-section shall be inserted, namely:- (2A) Nothing contained in sub-sections (1) and (2) shall apply in respect of income of the nature referred to in sub-clause (b) of clause (23FC) of section 10, if the special purpose vehicle referred to in the said clause has not exercised the option under section 115BAA. .