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of <h1>Amendment to Section 194LC: Concessional Tax Rate Extended for Bonds in IFSCs, TDS Reduced to 4% Until 2023.</h1> The amendment to Section 194LC of the Act aims to extend the concessional withholding tax rate period and apply it to bonds listed on stock exchanges in International Financial Services Centres (IFSC). Previously, a 5% concessional Tax Deductible at Source (TDS) rate applied to certain foreign currency borrowings approved by the government, with deadlines between July 2012 and July 2020. The amendment proposes extending this rate to July 2023 and reducing the TDS rate to 4% for interest on borrowings via long-term bonds or rupee-denominated bonds listed in IFSCs, effective from April 1, 2020.
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