Tax on distributed interest: new provision brings distributed interest under the concessional withholding tax regime, effective from the stated fiscal year.

Insertion of a new sub clause to clause (a) of sub section (1) of section 115A brings distributed income being interest referred to in sub section (2) of section 194LBA within the special tax regime, making such distributed interest taxable at the concessional rate specified in section 115A, with consequential amendments to related items; the change takes effect from 1 April 2015 and applies to subsequent assessment years.

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