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of <h1>Finance Bill 2012 amends Section 115A: 5% tax on interest income for foreign entities from July 1, 2012.</h1> Clause 42 of the Finance Bill, 2012 amends section 115A of the Income-tax Act, effective from July 1, 2012. The amendment introduces sub-clause (iiaa) to include interest income as specified in section 194LC, which will be taxed at a rate of five percent. This change affects the taxation of dividends, royalties, and technical service fees for foreign companies and non-resident individuals. The amendment also updates references in related sub-clauses to incorporate the new sub-clause (iiaa), ensuring consistency across the provisions.
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