Amendment of section 194LC.

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....2), the income-tax shall be deducted at the rate of four per cent."; (ii) in sub-section (2),-- (a) in clause (i), in sub-clause (a) and sub-clause (c), for the figures "2020", the figures "2023" shall be substituted; (b) in clause (ia), for the figures and word "2020, and", the figures and word "2023, or" shall be substituted; (c) after....

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.... of Explanation 1 to clause (5) of section 43.'. - Clause 82 seeks to amend section 194LC of the Income-tax Act relating to income by way of interest from Indian company. Sub-section (1) of the said section provides that income-tax at the rate of five per cent. shall be deducted on any interest referred to in sub-section (2), payable by a specified company or business trust ....

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.... 1st day of October, 2014 but before the 1st day of July, 2020 or by way of issue of rupee denominated bonds before the 1st day of July, 2020 subject to the approval of the Central Government. It is proposed to amend said sub-section (2) so as to extend the period of rate of withholding tax of five per cent. on the interest payments against borrowing made under a loan agreement, issue of long-t....