Insertion of new section 194LC.

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..... nterest referred to in sub-section (2) is payable to a non-resident, not being a company or to a foreign company by a specified company, the person responsible for making the payment, shall at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct the income-tax ther .....

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..... (42 of 1999.) (b) specified company means an Indian company engaged in the business of (i) generation or distribution or transmission of power; or (ii) operation of aircraft; or (iii) manufacture or production of fertilizers; or (iv) construction of road including toll road or bridge; or (v) construction of port including inland port; or (vi) construction of ships in a shipyard; or (vii) construct .....

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..... er provides that the interest shall be income by way of interest payable by the specified company in respect of any monies borrowed by it at any time on or after the 1st day of July, 2012 but before the 1st day of July, 2015; in foreign currency, from a source outside India under a loan agreement approved by the Central Government in this behalf; to the extent to which such interest does not excee .....

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