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Amendment of section 194LC.

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..... 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 shall be substituted; (c) after clause (ia), the following clause shall be inserted, namely:- (ib) in respect of monies borrowed by it from a source o .....

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..... 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 currency from a source outside India. It is proposed to insert a proviso in sub-section (1) of the said section so as to provide that the withholding ta .....

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..... aid 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 bonds from the 1st day of July, 2020 to the 1st day of July, 2023. It is also proposed to insert a new clause (ib) in subsection (2) of the said sect .....

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