Amendment of section 197.
88. In section 197 of the Income-tax Act, in sub-section (1), after the figures and letters “194LA,”, the figures and letters “194LBA,” shall be inserted.
Notes on Clauses:
Clause 88 of the Bill seeks to amend section 197 of the Income-tax Act relating to certificate for deduction at lower rate.
It is proposed to amend sub-section (1) of the said section to provide that the sums on which tax is required to be deducted under section 194LBA shall also be eligible for certificate for deduction at lower rate.
This amendment will take effect from 1st April, 2023.
