Section 194LC of the Income Tax Act, 1961, was introduced by the Finance Act, 2012, and provided for lower withholding tax at the rate of 5% on the interest payments made by Indian companies on borrowings made in foreign currency from a source outside India.
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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.