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of <h1>Section 194LC Introduced: 5% Tax Deduction on Foreign Interest Payments for Indian Companies from July 2012 to July 2015.</h1> Clause 74 of the Finance Bill, 2012 introduces section 194LC to the Income-tax Act, effective from July 1, 2012. It mandates a 5% income tax deduction on interest payments by specified Indian companies to non-residents or foreign companies. This applies to interest on funds borrowed in foreign currency between July 1, 2012, and July 1, 2015, under a government-approved loan agreement. The specified companies include those in sectors like power generation, aircraft operation, fertilizer manufacturing, and infrastructure construction. The terms 'foreign currency' and 'specified company' are defined within the section.
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