Amendment of section 115A

Section 35 of the Finance Act, 1983 deals with amendment of section 115A. Amendment of section 115A. 35. In section 115A of the Income-tax Act, in sub-section (1), with effect from the 1st day of June, 1983,— (a) after clause (a), the following clause shall be inserted, namely:— "(aa) interest received from Government or an Indian concern on moneys borrowed or debt incurr The Act was enacted on 13 May 1983.

Amendment of section 115A.

35. In section 115A of the Income-tax Act, in sub-section (1), with effect from the 1st day of June, 1983,—

(a) after clause (a), the following clause shall be inserted, namely:—

"(aa) interest received from Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency; or";

(b) for clause (b), the following clause shall be substituted, namely:—

"(b) royalty or fees for technical services received from Government or an Indian concern in pursuance of an agreement made by the foreign company with Government or the Indian concern after the 31st day of March, 1976, and where such agreement is with an Indian concern, such agreement is approved by the Central Government,";

(c) after clause (i), the following clause shall be inserted namely: —

"(ia) the amount of income-tax calculated on the income by way of interest referred to in clause (aa), if any included in the total income, at the rate of twenty-five per cent.;";

(d) in clause (iv), for the words, brackets and letter "and clause (b)", the words, brackets and letters ",clause (aa) and clause (b)" shall he substituted;

(e) in the Explanation, after clause (b), the following clause shall be inserted, namely:—

'(bb) "foreign currency" shall have the same meaning as in the Explanation below item (g) of sub-clause (iv) of clause (25) of section 10;'.

[Finance Act, 1983]

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Section 35, The Finance Act, 1983 (Act 11 of 1983).