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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Deduction Rules Updated: Section 194LBA Amended for Business Trusts Distributing Income to Non-Residents.</h1> Section 194LBA of the Income-tax Act was amended by the Finance Act, 2015, effective June 1, 2015. The amendment includes the insertion of 'or clause (23FCA)' in sub-section (1) and a substitution in sub-section (2) to clarify the description of non-residents. A new sub-section (3) was added, requiring the deduction of income tax at the prevailing rates on distributed income payable by a business trust to non-resident unit holders or foreign companies, as specified in section 115UA and clause (23FCA) of section 10, at the time of credit or payment.
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