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of <h1>Amendment to Section 115A: New 5% Tax on Distributed Interest Income for Non-Residents from April 2015</h1> Clause 35 of the Finance (No. 2) Bill, 2014, amends section 115A of the Income-tax Act, affecting the taxation of dividends, royalties, and technical service fees for foreign companies and non-resident individuals. The amendment introduces sub-clause (iiac), effective April 1, 2015, which taxes distributed income from interest under section 194LBA(2) at 5%. It also updates items (BA) and (D) to reflect this change. These amendments apply to the assessment year 2015-16 and subsequent years, impacting the tax liabilities of non-resident entities with specific income streams.
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