Amendment of section 206AA
61. In section 206AA of the Income-tax Act, in sub-section (7), the word “infrastructure” shall be omitted with effect from the 1st day of October, 2014.
Notes on Clauses:
Clause 61 of the Bill seeks to amend section 206AA of the Income-tax Act relating to requirement to furnish Permanent Account Number.
Under the existing provisions contained in sub-section (7) of the aforesaid section it is provided that section 206AA shall not apply in respect of payment of interest on long-term infrastructure bonds referred to in section 194LC of the Act.
It is proposed to amend sub-section (7) to provide that section 206AA shall not apply in respect of payment of interest on long- term bonds referred to in section 194LC of the Act.
This amendment will take effect from 1st October, 2014.
