Amendment of section 194LC

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..... ords by the specified company , the words or the business trust shall be inserted; (b) for clause (i), the following clause shall be substituted, namely: (i) in respect of monies borrowed by it in foreign currency from a source outside India, (a) under a loan agreement at any time on or after the 1st day of July, 2012 but before the 1st day of July, 2017; or (b) by way of issue of long-term infras .....

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..... case of external commercial borrowings by business trust, subject to the same conditions provided in the section. The existing provisions contained in sub-section (2) of section 194LC specify the interest eligible for lower withholding tax rate of five per cent. It shall be the interest income payable by the specified company on borrowings made by it in foreign currency from sources outside India .....

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