Section 57 - Amendment of section 196A - Finance (No. 2) Act, 1991

57. Amendment of section 196A In section 196A of the Income-tax Act, after sub-section (2), the following sub-section shall be inserted, with effect from the 1 st day of October, 1991, namely:- (3) Notwithstanding anything contained in this Act, no deduction of tax shall be made from any income payable in respect of units issued under any scheme of the Unit Trust of India established under section 3 of the Unit Trust of India Act, 1963 (52 of 1963), to any institution or fund where such income is not liable to inclusion in its total income under the provisions of sections 11 and 12 or clause (22) or clause (22A) or clause (23) or clause (23AA) or clause (23C) of section 10. .