Section 194LBA - Certain income from units of a business trust - Income-tax Act, 1961

1 [Certain income from units of a business trust 194LBA. (1) Where any distributed income referred to in section 115UA, being of the nature referred to 5 [ in 7 [****] clause (23FC) ] 2 [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 6 [ in 7 [****] clause (23FC) ] of section 10, is payable by a business trust to its unit holder, 3 [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 8 [ 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 ] ] 9 [ (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. ] 4 [(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.] ----------------------- Notes:- 1. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of October, 2014 2.Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of June, 2015 3. Substituted vide THE FINANCE ACT, 2015 w.e.f. 1st day of June, 2015, before it was read as, being a non-resident, not being a company 4. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of June, 2015 5. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of June, 2016 before it was read as, in clause (23FC) . 6. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of June, 2016 before it was read as, in clause (23FC) 7. Omitted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as sub-clause (a) of 8. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as five per cent. 9. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020