Withholding tax on interest extended to business trusts and long-term bonds with revised qualifying period.

Amendment broadens section 194LC to include a business trust alongside a specified company for the concessional withholding tax on interest from foreign currency borrowings. It revises eligible instruments to include long-term bonds (including long-term infrastructure bonds) as approved by the Central Government and extends the qualifying window for such borrowings, with the amendments effective from 1 October 2014.

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