Amendment of section 195.

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....or the words "any interest", the words, brackets, figures and letters "any interest (not being interest referred to in section 194LB or section 194LC)" shall be substituted;                 (ii) the Explanation shall be numbered as Explanation 1 thereof, and after Explanation 1 as so numbered, the following Explanation s....

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....bsp;               (b) after sub-section (6), the following sub-section shall be inserted with effect from the 1st day of July, 2012, namely:-        "(7) Notwithstanding anything contained in sub-section (1) and sub-section (2), the Board may, by notification in the Official Gazette, specify a c....

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....te of deduction is provided. This amendment will take effect retrospectively from 1st April, 2012. It is further proposed to insert a new Explanation in sub-section (1) of the aforesaid section 195 so as to clarify that the obligation to comply with sub-section (1) and make deduction thereunder applies and shall be deemed to have always applied and extends and shall be deemed to have always ....