{"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":"83","heading":"Amendment of Section 194LD","text":"Amendment of section 194LD. 83. In section 194LD of the Income-tax Act,— (i) | for sub-section (2), the following sub-section shall be substituted, namely:— \"(2) The income by way of interest referred to in sub-section (1) shall be the interest payable,— (a) | on or after the 1st day of June, 2013 but before the 1st day of July, 2023 in respect of the investment made by the payee in — (i) | a rupee denominated bond of an Indian company; or (ii) | a Government security; (b) | on or after the 1st day of April, 2020 but before the 1st day of July, 2023 in respect of the investment made by the payee in municipal debt securities: Provided that the rate of interest in respect of bond referred to in sub-clause (i) of clause (a) shall not exceed the rate as the Central Government may, by notification in the Official Gazette, specify.\"; (ii) | in the Explanation, after clause (b), the following clause shall be inserted, namely:— '(ba) | \"municipal debt securities\" shall have the meaning assigned to it in clause (m) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992);'.","html":"<p><b>Amendment of section 194LD.</b></p><p><b>83.</b> In section 194LD of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>for sub-section (2), the following sub-section shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"(2) The income by way of interest referred to in sub-section (1) shall be the interest payable,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>on or after the 1st day of June, 2013 but before the 1st day of July, 2023 in respect of the investment made by the payee in —</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>a rupee denominated bond of an Indian company; or</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>a Government security;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>b</i>)</td><td></td><td>on or after the 1st day of April, 2020 but before the 1st day of July, 2023 in respect of the investment made by the payee in municipal debt securities:</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td><b>Provided</b> that the rate of interest in respect of bond referred to in sub-clause (<i>i</i>) of clause (<i>a</i>) shall not exceed the rate as the Central Government may, by notification in the Official Gazette, specify.\";</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in the <i>Explanation</i>, after clause (<i>b</i>), the following clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>ba</i>)</td><td></td><td>\"municipal debt securities\" shall have the meaning assigned to it in clause (<i>m</i>) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992);'.</td></tr></table></div>","words":221,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/83/","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."}