Section 58 - Insertion of new section 196B - Finance (No. 2) Act, 1991

58. Insertion of new section 196B. After section 196A of the Income-tax Act, the following section shall be inserted, with effect from the 1st day of October, 1991, namely: - 196B. Income from units. Where any income is payable in respect of units referred to in section 115AB 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, which- ever is earlier, deduct income-tax thereon at the rate of ten per cent. .