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Amendment of section 194LC of the Act to extend the period of concessional rate of withholding tax and also to provide for the concessional rate to bonds listed in stock exchanges in IFSC.

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..... listed in stock exchanges in IFSC. Section 194LC of the Act, provided for a concessional rate of Tax Deductible at Source (TDS) at five per cent by a specified company or a business trust, on interest paid to non-residents on the following forms of borrowings (approved by the Central Government) made in foreign currency from sources outside India: i. Monies borrowed under a loan agreement at any t .....

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..... nd also for a further concessional rate of TDS on interest payment against borrowings through issues of long-term bonds and RDB which are listed only on a recognised stock exchange in any IFSC. In order to attract fresh investment, create jobs and stimulate the economy, it is proposed to; - i. extend the period of said concessional rate of TDS of five per cent to 1st July, 2023 from 1st July, 2020 .....

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