Home Acts & Rules Income Tax Act Income-tax Act, 1961 Chapters List Part B Deduction at source This
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Section 196B - Income from units - Income-tax Act, 1961Extract 1 [Income from units. 196B. 2 [Where any income in respect of units referred to in section 115AB or by way of long-term capital gains arising from the transfer of such units is payable to an Offshore Fund], 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 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.] -------------------- Notes :- 1. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991. 2. Substituted for "Where any income is payable in respect of units referred to in section 115AB to an Offshore Fund" by the Finance Act, 1993, w.e.f. 1-6-1993.
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