# The Finance Act, 2020, Section 81: Amendment of Section 194LBA

- Act: The Finance Act, 2020
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2020/section/81/

## Text

Amendment of section 194LBA. 81. In section 194LBA of the Income-tax Act,— (a) | the words, brackets and letter "sub-clause (a) of" at both the places where they occur shall be omitted; (b) | in sub-section (2), for the words "five per cent", the words, brackets and letters "five per cent in case of income of the nature referred to in sub-clause (a) and ten per cent in case of income of the nature referred to in sub-clause (b), of the said clause" shall be substituted; (c) | after sub-section (2), the following sub-section shall be inserted, namely:— "(2A) | Nothing contained in sub-sections (1) and (2) shall apply in respect of income of the nature referred to in sub-clause (b) of clause (23FC) of section 10, if the special purpose vehicle referred to in the said clause has not exercised the option under section 115BAA.".

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