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of <h1>Amendment to Income-tax Act: 4% Withholding Tax on Interest from Foreign Currency Borrowings via Bonds Listed in IFSCs.</h1> Clause 82 amends section 194LC of the Income-tax Act concerning interest income from Indian companies. It introduces a proviso in sub-section (1) to apply a four percent withholding tax on interest specified in clause (ib) of sub-section (2). Sub-section (2) is amended to extend the five percent withholding tax period on certain borrowings from July 1, 2020, to July 1, 2023. A new clause (ib) is added to apply a four percent withholding tax on interest from foreign currency borrowings via long-term or rupee-denominated bonds issued between April 1, 2020, and July 1, 2023, listed on recognized exchanges in International Financial Services Centres.
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