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of <h1>Finance Bill 2021 amends Section 194, exempting business trusts from TDS on dividends by special purpose vehicles.</h1> The Finance Bill 2021 proposes an amendment to Section 194 of the Income Tax Act, which mandates the deduction of tax at source (TDS) on dividend payments to residents. The amendment extends the exemption from TDS to dividends paid to business trusts by special purpose vehicles, in addition to certain insurance companies already exempt. This change is effective retrospectively from April 1, 2020, ensuring that dividends received by business trusts, where such income is exempt, are not subject to TDS.
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