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of <h1>Amendment to Section 194A exempts income from zero coupon bonds by infrastructure companies, adds definitions for clarity.</h1> Section 194A of the Income-tax Act was amended by the Finance Act, 2005, effective June 1, 2005. A new clause was added to exempt income paid or payable by an infrastructure capital company, infrastructure capital fund, or public sector company related to zero coupon bonds issued on or after June 1, 2005. Additionally, the existing Explanation was replaced with two new Explanations. Explanation 1 defines 'time deposits' as deposits repayable after fixed periods, excluding recurring deposits. Explanation 2 clarifies the meanings of 'infrastructure capital company' and 'infrastructure capital fund' as per section 10, clause (23G).
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