Difference Between Sec 195 and Sec 194LC

In earlier article 5% WHT as per Sec 194LC not applicable to Buyers Credit we had discussed on Sec 194LC. This article gives difference Between Sec 195 & Sec 194LC

Particular Sec 195 Sec 194LC
From Since Inception of Act July 2012
Upto June 2015
Applicable on Any payment business Money borrowed under Loan Agreement; or By way of Issue of Long term Infrastructure bonds
Rate of TDS with availability of PAN Card As DTAA agreement. Incase of non DTAA 20%. Further details refer this link 5% and 3% Education Cess there on ( 2% Surcharge wherever applicable)
Who is responsible for tax deduction Resident or Non resident An Indian Company
Applicable If income is chargeable to tax in India in the hands of recipient If Interest is paid at approved rate

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