# The Finance Act, 2023, Section 88: Amendment of section 194LC

- Act: The Finance Act, 2023 (Act 8 of 2023)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2023/section/88/

## 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".

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