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of <h1>Finance Bill 2015 Updates: Section 194LBA Amended for Tax Deduction on Trust Payments to Non-Residents</h1> Clause 45 of the Finance Bill, 2015 amends section 194LBA of the Income-tax Act, effective from June 1, 2015. The amendment includes inserting references to clause (23FCA) in sub-section (1) and modifying language in sub-section (2) regarding non-resident entities. A new sub-section (3) is introduced, mandating that when a business trust pays distributed income, as described in section 115UA and clause (23FCA) of section 10, to a non-resident or foreign company, income tax must be deducted at the applicable rate at the time of payment or credit, whichever is earlier.
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