Section 173 - Amendment of Act 38 of 2020. - Finance Act, 2021

PART XVII AMENDMENTS TO THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 Amendment of Act 38 of 2020. 173 . In the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, in section 4, with effect from the 1st day of April, 2021,- (i) in clause (XIV), in sub-clause (a), for item (ii), the following shall be substituted, namely:- '(ii) after the long line, for clause (i), the following clause shall be substituted, namely:- (i) the amount of income-tax calculated on the income in respect of securities referred to in clause (a), if any, included in the total income,- (A) at the rate of twenty per cent. in case of Foreign Institutional Investor; (B) at the rate of ten per cent. in case of specified fund: Provided that the amount of income-tax calculated on the income by way of interest referred to in section 194LD shall be at the rate of five per cent.; ;'; (ii) in clause (XXIV), after the portion beginning with (9) Notwithstanding anything contained in any other provision of this Act, assessment made and ending with the procedure laid down under this section , the following shall be inserted, namely:- (10) Notwithstanding anything contained in this section, the function of verification unit under this section may also be performed by a verification unit located in any other faceless centre set up under the provisions of this Act or under any scheme notified under the provisions of this Act; and the request for verification may also be assigned by the National Faceless Assessment Centre to such verification unit. .