Insertion of new section 194LBC - Income in respect of investment in securitisation trust.

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..... (1) Where any income is payable to an investor, being a resident, in respect of an investment in a securitisation trust specified in clause (d) of the Explanation occurring after section 115TCA, 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 o .....

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..... investor shall have the meaning assigned to it in clause (a) of the Explanation occurring after section 115TCA; (b) where any income as aforesaid is credited to any account, whether called suspense account or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be the credit of such income to the account of the payee, and the provisi .....

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..... ly; (ii) thirty per cent., if the payee is any other person. Sub-section (2) of the proposed new section seeks to provide that where any income is payable to an investor, being a nonresident (not being a company) or a foreign company, in respect of an investment in a securitisation trust specified in clause (d) of the Explanation to section 115TCA, the person responsible for making the payment sha .....

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