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of <h1>New Section 194LB: 5% Tax Deduction on Interest Payments by Infrastructure Debt Funds to Non-Residents. Effective June 2011.</h1> Clause 27 of the Finance Bill, 2011, introduces section 194LB to the Income-tax Act, effective from June 1, 2011. This section mandates that when an infrastructure debt fund pays interest to a non-resident or foreign company, the payer must deduct income tax at a rate of five percent. The deduction should occur at the time of crediting the income to the payee's account or upon payment, whichever is earlier. This provision applies to interest income as defined under clause (47) of section 10.
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