Section 88 - Amendment of section 194LC. - Finance Act, 2023

Amendment of section 194LC. 88 . In section 194LC of the Income-tax Act, with effect from the 1st day of July, 2023, (i) in sub-section (1), after the proviso, the following proviso shall be inserted, namely: Provided further that in case of income by way of interest referred to in clause (ic) of sub-section (2), the income-tax shall be deducted at the rate of nine per cent. ; (ii) in sub-section (2), (I) in clause (ib), for the word and , the word or shall be substituted; (II) after clause (ib), the following clause shall be inserted, namely: (ic) in respect of money borrowed by it from a source outside India by way of issuance of any long-term bond or rupee denominated bond on or after the 1st day of July, 2023, which is listed only on a recognised stock exchange located in an International Financial Services Centre; and .