- In section 194LD of the Income-tax Act,-(i)for sub-section (2), the following sub-section shall be substituted, namely:-"(2) The income by way of interest referred to in sub-section (1) shall be the interest payable,-(a)on or after the 1st day of June, 2013 but before the 1st day of July, 2023 in respect of the investment made by the payee in-(i)a rupee denominated bond of an Indian company; or(ii)a Government security;(b)on or after the 1st day of April, 2020 but before the 1st day of July, 2023 in respect of the investment made by the payee in municipal debt securities:Provided that the rate of interest in respect of bond referred to in sub-clause (i) of clause (a) shall not exceed the rate as the Central Government may, by notification in the Official Gazette, specify.";(ii)in the Explanation, after clause (b), the following clause shall be inserted, namely: -'(ba) "municipal debt securities" shall have the meaning assigned to it in clause (m) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015 made under the Securities and Exchange Board of India Act, 1992;'. (15 of 1992);
