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of <h1>Finance Act 2020 amends Section 94B of Income-tax Act; adds exemption for certain banking-related interest payments.</h1> Section 94B of the Income-tax Act has been amended by the Finance Act, 2020, effective from April 1, 2021. A new sub-section (1A) has been added, stating that the provisions of sub-section (1) will not apply to interest paid on debt issued by a lender that is a permanent establishment in India of a non-resident engaged in the banking business.
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