Section 194LB of Income Tax Act "Income by way of interest from infrastructure debt fund"
194LB. 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 income-tax thereon at the rate of five per cent.
194LBA. (1) Where any distributed income referred to in
section 115UA, being of the nature referred to in 58[***]
clause (23FC) 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 in 58[***] 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 59[in case of income of the nature
referred to in sub-clause (a) and ten per cent in case of
income of the nature referred to in sub-clause (b), of the
said clause].
59[(2A) Nothing contained in sub-sections (1) and (2) shall
apply in respect of income of the nature referred to in
sub-clause (b) of clause (23FC) of section 10, if the
special purpose vehicle referred to in the said clause has
not exercised the option under section 115BAA.]
(3) Where any distributed 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.