{"act":{"id":"finance-act-2023","short_title":"The Finance Act, 2023","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2023-2024.","act_number":"8","act_year":2023,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":181,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2023/"},"unit":"section","section":{"number":"88","heading":"Amendment of section 194LC","text":"Amendment of section 194LC. 88.  In section 194LC of the Income-tax Act, with effect from the 1st day of July, 2023,— (i) | in sub-section (1), after the proviso, the following proviso shall be inserted, namely:— \"Provided further that in case of income by way of interest referred to in clause (ic) of sub-section (2), the income-tax shall be deducted at the rate of nine per cent.\"; (ii) | in sub-section (2),— (I) | in clause (ib), for the word \"and\", the word \"or\" shall be substituted; (II) | after clause (ib), the following clause shall be inserted, namely:— \"(ic) | in respect of money borrowed by it from a source outside India by way of issuance of any long-term bond or rupee denominated bond on or after the 1st day of July, 2023, which is listed only on a recognised stock exchange located in an International Financial Services Centre; and\".","html":"<p><b>Amendment of section 194LC.</b></p><p><b>88. </b> In section 194LC of the Income-tax Act, with effect from the 1st day of July, 2023,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in sub-section (1), after the proviso, the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided further </b>that in case of income by way of interest referred to in clause (<i>ic</i>) of sub-section (2), the income-tax shall be deducted at the rate of nine 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>I</i>)</td><td></td><td>in clause (<i>ib</i>), for the word \"and\", the word \"or\" shall be substituted;</td></tr><tr><td>(<i>II</i>)</td><td></td><td>after clause (<i>ib</i>), the following clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>ic</i>)</td><td></td><td>in respect of money borrowed by it from a source outside India by way of issuance of any long-term bond or rupee denominated bond on or after the 1st day of July, 2023, which is listed only on a recognised stock exchange located in an International Financial Services Centre; and\".</td></tr></table></div>","words":151,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2023/section/88/","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."}