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of <h1>Taxation Amendment Updates: New Income Tax Rates for Securities and Faceless Assessment Verification Functions Introduced Under Section 4.</h1> The amendment to the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, effective April 1, 2021, modifies section 4. In clause (XIV), sub-clause (a), item (ii) is replaced to specify income tax rates on securities: 20% for Foreign Institutional Investors and 10% for specified funds, with a 5% rate on interest under section 194LD. Clause (XXIV) introduces that verification functions may be performed by units in any faceless center, with assignments managed by the National Faceless Assessment Centre.
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