- In section 194LBA of the Income-tax Act,-(a)the words, brackets and letter "sub-clause (a) of" at both the places where they occur shall be omitted;(b)in sub-section (2), for the words "five per cent.", the words, brackets and letters "five per cent. 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" shall be substituted;(c)after sub-section (2), the following sub-section shall be inserted, namely:-"(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.".
