Amendment of section 194LC
Section 88 of the Finance Act, 2023 deals with amendment of section 194LC. 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) o
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:— Section 88, The Finance Act, 2023 (Act 8 of 2023).
"(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".
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Questions about Section 88
What does Section 88 of the Finance Act deal with?
Section 88 of the Finance Act is headed "Amendment of section 194LC". 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) o
How do I find court cases under Section 88 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2023 88, section 88 Finance Act 2023, section 88 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 88 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 194LC (Income by way of interest from Indian company), so none of them can safely be read on its own. 3 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2023 as Act 8 of 2023. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule10190 words
- 2. Income-tax8337 words
- Fourth Schedule. Fourth Schedule6615 words
- 5. Amendment of section 102717 words
- 150. Substitution of new section for section 1101621 words
- 54. Insertion of new section 115BAE1218 words
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