# The Finance Act, 2020, Section 82: Amendment of Section 194LC

- Act: The Finance Act, 2020
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2020/section/82/

## 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.'.

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