Amendment of section 206AA
Amendment of section 206AA.
87. In section 206AA of the Income-tax Act, for sub-section (7), the following sub-section shall be substituted with effect from the 1st day of June, 2016, namely:—
"(7) The provisions of this section shall not apply to a non-resident, not being a company, or to a foreign company, in respect of—
| (i) | payment of interest on long-term bonds as referred to in section 194LC; and | |
| (ii) | any other payment subject to such conditions as may be prescribed.". |