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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Act's Section 194LB: 5% Tax Deduction on Interest Income by Infrastructure Debt Funds to Non-Residents.</h1> Section 194LB of the Income-tax Act, introduced by the Finance Act, 2011, mandates that income tax be deducted at a rate of five percent on interest income paid by an infrastructure debt fund to a non-resident or foreign company. This deduction must occur at the earlier of either crediting the income to the payee's account or making the payment in cash, by cheque, draft, or any other mode. This provision applies to interest income as defined under clause (47) of section 10.
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