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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Update: Section 194LC Amended; 9% Deduction on Interest for Bonds Issued After July 1, 2023</h1> Section 194LC of the Income-tax Act has been amended effective July 1, 2023. A new proviso in sub-section (1) specifies that income tax on interest under clause (ic) of sub-section (2) will be deducted at a rate of nine percent. In sub-section (2), clause (ib) has been modified by replacing 'and' with 'or,' and a new clause (ic) has been added. This clause pertains to money borrowed from outside India through long-term or rupee-denominated bonds issued after July 1, 2023, listed on a recognized stock exchange in an International Financial Services Centre.
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