Amendment of section 194LC of the Act to extend the period of concessional rate of withholding tax and also to provide for the concessional rate to bonds listed in stock exchanges in IFSC.
1 February, 2020
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Concessional TDS rates on specified foreign borrowings extended and a lower rate introduced for IFSC listed bonds. Amendment of section 194LC extends concessional withholding for interest paid to non residents on eligible foreign currency borrowings by a specified ... Summary
Concessional TDS rates on specified foreign borrowings extended and a lower rate introduced for IFSC listed bonds.
Amendment of section 194LC extends concessional withholding for interest paid to non residents on eligible foreign currency borrowings by a specified company or business trust, maintaining the concessional rate for approved loans, long term bonds and rupee denominated bonds within prescribed limits. It also establishes a lower withholding rate for interest on long term bonds and rupee denominated bonds issued from abroad that are listed solely on a recognised IFSC stock exchange, with the amendment operating from the commencement date specified in the Finance Bill.
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