# The Finance Act, 2020, Section 83: Amendment of Section 194LD

- Act: The Finance Act, 2020
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2020/section/83/

## 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);'.

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