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Amendment of section 194LC.

..... y:- Provided that in case of income by way of interest referred to clause (ib) of sub-section (2), the income-tax shall be deducted at the rate of four per cent. ; (ii) in sub-section (2),- (a) in clause (i), in sub-clause (a) and sub-clause (c), for the figures 2020 , the figures 2023 shall be substituted; (b) in clause (ia), for the figures and word 2020, and , the figures and word 2023, or shal .....

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..... n 43. . Clause 82 seeks to amend section 194LC of the Income-tax Act relating to income by way of interest from Indian company. Sub-section (1) of the said section provides that income-tax at the rate of five per cent. shall be deducted on any interest referred to in sub-section (2), payable by a specified company or business trust to a non-resident, in respect of monies borrowed in foreign curren .....

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..... of issue of rupee denominated bonds before the 1st day of July, 2020 subject to the approval of the Central Government. It is proposed to amend said sub-section (2) so as to extend the period of rate of withholding tax of five per cent. on the interest payments against borrowing made under a loan agreement, issue of long-term bonds including infrastructure bonds and issue of rupee denominated bon .....

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