{"act":{"id":"finance-act-2020","short_title":"The Finance Act, 2020","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2020-2021.","act_number":null,"act_year":2020,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":157,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2020/"},"unit":"section","section":{"number":"82","heading":"Amendment of Section 194LC","text":"Amendment of section 194LC. 82. In section 194LC of the Income-tax Act,— (i) | in sub-section (1), the following proviso shall be inserted, namely:— \"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\" 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 outside India by way of issue of any long-term bond or rupee denomi- nated bond on or after the 1st day of April, 2020 but before the 1st day of July, 2023, which is listed only on a recognised stock exchange located in any International Financial Services Centre, and\"; (iii) | in the Explanation, after clause (b), the following clauses shall be inserted, namely:— '(c) | \"International Financial Services Centre\" shall have the meaning assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005); (d) | \"recognised stock exchange\" shall have the meaning assigned to it in clause (ii) of Explanation 1 to clause (5) of section 43.'.","html":"<p><b>Amendment of section 194LC.</b></p><p><b>82.</b> In section 194LC of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in sub-section (1), the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided</b> that in case of income by way of interest referred to clause (<i>ib</i>) of sub-section (2), the income-tax shall be deducted at the rate of four per cent\";</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in sub-section (2),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in clause (<i>i</i>), in sub-clause (<i>a</i>) and sub-clause (<i>c</i>), for the figures \"2020\", the figures \"2023\" shall be substituted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in clause (<i>ia</i>), for the figures and word \"2020, and\", the figures and word \"2023, or\" shall be substituted;</td></tr><tr><td>(<i>c</i>)</td><td></td><td>after clause (<i>ia</i>), the following clause shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"(<i>ib</i>) in respect of monies borrowed by it from a source outside India by way of issue of any long-term bond or rupee denomi- nated bond on or after the 1st day of April, 2020 but before the 1st day of July, 2023, which is listed only on a recognised stock exchange located in any International Financial Services Centre, and\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>iii</i>)</td><td></td><td>in the <i>Explanation</i>, after clause (<i>b</i>), the following clauses shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>c</i>)</td><td></td><td>\"International Financial Services Centre\" shall have the meaning assigned to it in clause (<i>q</i>) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005);</td></tr><tr><td>(<i>d</i>)</td><td></td><td>\"recognised stock exchange\" shall have the meaning assigned to it in clause (<i>ii</i>) of <i>Explanation 1</i> to clause (<i>5</i>) of section 43.'.</td></tr></table></div>","words":240,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/82/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}