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of <h1>Finance Bill 2019 amends Section 10 to exempt non-residents' interest from Rupee Bonds issued outside India.</h1> The Finance Bill 2019 proposes an amendment to section 10 of the Act to exempt interest income earned by non-residents from Rupee Denominated Bonds issued by Indian companies or business trusts outside India between September 17, 2018, and March 31, 2019. This exemption, initially announced in a press release, aims to encourage low-cost foreign borrowings. Under the existing section 194LC, such interest income was subject to a concessional TDS rate of five percent. The amendment, effective from April 1, 2019, applies to the assessment year 2019-20 and onward, formalizing the tax exemption.
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