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of <h1>Finance Bill 2020 amends Section 196D of Income-tax Act, altering payment methods for Foreign Institutional Investors' income.</h1> Clause 88 of the Finance Bill, 2020, amends section 196D of the Income-tax Act concerning income of Foreign Institutional Investors from securities. The amendment changes the language from specifying payment methods to a more general 'by any mode' for crediting or paying income. Additionally, the proviso in sub-section (1) is removed. This section mandates a 20% income-tax deduction on such income, excluding interest under section 194LD, at the time of credit or payment. These changes are effective from April 1, 2020.
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