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of <h1>Amendment to Section 115A: New Tax Provisions on Interest, Royalties, and Fees for Technical Services from Foreign Currency Deals.</h1> Section 115A of the Income-tax Act is amended with effect from June 1, 1983, to include new provisions regarding taxation on certain incomes. A new clause (aa) is added to tax interest received from the government or Indian entities on foreign currency borrowings. Clause (b) is revised to address royalties or fees for technical services from agreements made after March 31, 1976, with foreign companies, requiring approval by the Central Government if involving Indian entities. Clause (ia) introduces a 25% tax rate on interest income specified in clause (aa). The term 'foreign currency' is defined in the Explanation.
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