Section 82 - Amendment of section 194LC. - Finance Act, 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. .