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of <h1>Finance Bill 2012 amends Section 195: Tax deduction applies to all, clarifies interest payment exclusions, effective April 1962.</h1> Clause 75 of the Finance Bill, 2012 proposes amendments to section 195 of the Income-tax Act. It clarifies that the obligation to deduct tax applies to all persons, resident or non-resident, regardless of their presence in India, effective from April 1, 1962. The amendment specifies that deductions for interest payments under section 195(1) do not apply to interest under sections 194LB and 194LC, effective from April 1, 2012. Additionally, a new sub-section allows the Board to specify cases where tax deduction applications must be made to the Assessing Officer, effective from July 1, 2012.
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