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of <h1>Income Tax Bill 2025 Clause 393(2) consolidates TDS rates for non-resident interest payments replacing Section 194LC</h1> The Income Tax Bill 2025's Clause 393(2) consolidates and rationalizes tax deduction at source provisions for interest payments to non-residents, replacing Section 194LC of the Income Tax Act 1961. The provision maintains concessional TDS rates of 5% for foreign currency borrowings and bonds issued before July 2023, with Central Government approval required. For bonds listed in International Financial Services Centers, rates are 4% for pre-July 2023 issuances and 9% for post-July 2023 issuances. The new clause presents provisions in a clearer tabular format while maintaining substantive parity with existing law, though some definitional clarity and transitional arrangements require further clarification through rules or notifications.
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