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of <h1>Concessional 5% Withholding Tax for FIIs & QFIs on Government & Municipal Bonds Extended to 1st July 2023.</h1> Section 194LD of the Act has been amended to extend the concessional withholding tax rate of 5% on interest payments to Foreign Institutional Investors (FIIs) and Qualified Foreign Investors (QFIs) from investments in government securities and municipal debt securities. Originally applicable until 1st July 2020, this period is now extended to 1st July 2023. The amendment aims to attract fresh investments and stimulate economic growth by allowing FIIs and QFIs to benefit from the concessional tax rate on municipal bonds, following approval from SEBI and RBI for such investments. This change is effective from 1st April 2020.
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