Section 194LB. Income by way of interest from infrastructure debt fund

3[ 194LB. Income by way of interest from infrastructure debt fund. —Where any income by way of interest is payable to a non-resident, not being a company, or to a foreign company, by an infrastructure debt fund referred to in clause (47) of section 10, the person responsible for making the payment shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct incometax thereon at the rate of five per cent.] 4[ 194LBA.Certain income from units of a business trust. —(1) Where any distributed income referred to in section 115UA, being of the nature referred to[5] [in sub-clause (a) of clause (23FC)][6] [or clause (23FCA)] of section 10, is payable by a business trust to its unit holder being a resident, the person responsible for making the payment shall at the time of credit of such payment to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of ten per cent. (2) Where any distributed income referred to in section 115UA, being of the nature referred to 5 7 [in sub-clause (a) of clause (23FC)] of section 10, is payable by a business trust to its unit holder, [being a non-resident (not being a company)] or a foreign company, the person responsible for making the payment shall at the time of credit of such payment to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of five per cent.] 6[(3) Where anydistributed income referred to in section 115UA, being of the nature referred to in clause (23FCA) of section 10, is payable by a business trust to its unit holder, being a non-resident (not being a company), or a foreign company, the person responsible for making the payment shall at the time of credit of such payment to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force.] 1. Subs. by Act 28 of 2016, s. 81, for "two hundred thousand rupees" (w.e.f. 1-6-2016). 2. Ins. by Act 7 of 2017, s. 67 (w.e.f. 1-4-2017). 3. Ins. by Act 8 of 2011, s. 28 (w.e.f. 1-6-2011). 4. Ins. by Act 25 of 2014, s. 58 (w.e.f. 1-10-2014). 5. Subs. by Act 28 of 2016, s. 82, for "in clause (23FC)" (w.e.f. 1-6-2016). 6. Ins. by Act 20 of 2015, s. 46 (w.e.f. 1-6-2015). 7. Subs. by s. 46, ibid ., for "being a non-resident, not being a company" (w.e.f. 1-6-2015). 1[ 194LBB. Income in respect of units of investment fund. —Where any income, other than that proportion of income which is of the same nature as income referred to in clause (23FBB) of section 10, is payable to a unit holder in respect of units of an investment fund specified in clause (a) of the Explanation 1 to section 115UB, the person responsible for making the payment shall, at the time of credit of such income to the account of payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier,[2] [deduct income-tax thereon,— - (i) at the rate of ten per cent, where the payee is a resident; (ii) at the rates in force, where the payee is a non-resident (not being a company) or a foreign company: Provided that where the payee is a non-resident (not being a company) or a foreign company, no deduction shall be made in respect of any income that is not chargeable to tax under the provisions of the Act.] Explanation.— For the purposes of this section,— (a) "unit" shall have the meaning assigned to it in clause (c) of the Explanation 1 to section 115UB; (b) where any income as aforesaid is credited to any account, whether called "suspense account" or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be the credit of such income to the account of the payee, and the provisions of this section shall apply accordingly.] 3 [194LBC.Income in respect of investment in securitization trust. —(1) Where any income is payable to an investor, being a resident, in respect of an investment in a securitisation trust specified in clause (d) of the Explanation occurring after section 115TCA, the person responsible for making the payment shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon, at the rate of— (i) twenty-five per cent., if the payee is an individual or a Hindu undivided family; - (ii) thirty per cent., if the payee is any other person. (2) Where any income is payable to an investor, being a non-resident (not being a company) or a foreign company, in respect of an investment in a securitisation trust specified in clause (d) of the Explanation occurring after section 115TCA, the person responsible for making the payment shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon, at the rates in force. Explanation .—For the purposes of this section,— (a) "investor" shall have the meaning assigned to it in clause (a) of the Explanation occurring after section 115TCA; 1. Ins. by Act 20 of 2015, s. 47 (w.e.f. 1-6-2015). 2. Subs. by Act 28 of 2016, s. 83, for "deduct income-tax thereon at the rate of ten per cent." (w.e.f. 1-6-2016). 3. Ins. by s. 84, ibid (w.e.f. 1-6-2016). (b) where any income as aforesaid is credited to any account, whether called "suspense account" or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be the credit of such income to the account of the payee, and the provisions of this section shall apply accordingly.] 1 [194LC. Income by way of interest from Indian company. —(1) Where any income by way of interest referred to in sub-section (2) is payable to a non-resident, not being a company or to a foreign company by a specified company[2] [or a business trust], the person responsible for making the payment, shall at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct the income-tax thereon at the rate of five per cent. (2) The interest referred to in sub-section (1) shall be the income by way of interest payable by the specified company[2] [or the business trust],— 3[(i) in respect of monies borrowed by it in foreign currency from a source outside India,— (a) under a loan agreement at any time on or after the 1st day of July, 2012 but before the 4 [1st day of July,2020 ] ; or (b) by way of issue of long-term infrastructure bonds at any time on or after the 1st day of July, 2012 but before the 1st day of October, 2014; or (c) by way of issue of any long-term bond including long-term infrastructure bond at any time on or after the 1st day of October, 2014 but before the[4] [1st day of July, 2020 ] , as approved by the Central Government in this behalf;[5] [ or ] 6 [ (ia) in respect of monies borrowed by it from a source outside India by way of issue of rupee denominated bond before the 1st day of July, 2020, and ] (ii) to the extent to which such interest does not exceed the amount of interest calculated at the rate approved by the Central Government in this behalf, having regard to the terms of the loan or the bond and its repayment. Explanation. —For the purpose of this section— (a) "foreign currency" shall have the meaning assigned to it in clause (m) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999); (b) "specified company" means an Indian company.] 1. Ins. by Act 23 of 2012, s. 76 (w.e.f. 1-7-2012). 2. Ins. by Act 25 of 2014, s. 59 (w.e.f. 1-10-2014). 3. Subs. by s. 59, ibid ., for clause (i) (w.e.f. 1-10-2014). 1 [194LD. Income by way of interest on certain bonds and Government securities. —(1) Any person who is responsible for paying to a person being a Foreign Institutional Investor or a Qualified Foreign Investor, any income by way of interest referred to in sub-section (2), shall, at the time of credit of such income to the account of the payee or at the time of payment of such income in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of five per cent. (2) The income by way of interest referred to in sub-section (1) shall be the interest payable on or after the 1st day of June, 2013 but before the[2] [1st day of July, 2020 ] in respect of investment made by the payee in— (i) a rupee denominated bond of an Indian company ; or (ii) a Government security: Provided that the rate of interest in respect of bond referred to in clause (i) shall not exceed the rate as may be notified by the Central Government in this behalf. Explanation. —For the purpose of this section,— (a)"Foreign Institutional Investor" shall have the meaning assigned to it in clause (a) of the Explanation to section 115AD; (b)"Government security" shall have the meaning assigned to it in clause (b) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (c)"Qualified Foreign Investor" shall have the meaning assigned to it in the Circular No. Cir/IMD/DF/14/2011, dated the 9th August, 2011, as amended from time to time, issued by the Securities and Exchange Board of India, under section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992).]