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TMI BlogIncome in respect of unitsX X X X Extracts X X X X X X X X Extracts X X X X ..... unts of such income credited or paid or likely to be credited or paid during the financial year by the person responsible for making the payment to the account of, or to, the payee does not exceed 7[ten thousand rupees]; or (ii) if the income is of the nature of capital gains. Explanation 1.-For the purposes of this section,- (a) "Administrator" means the Administrator as referred to in clause (a) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002; (58 of 2002.) (b) "specified company" means a company as referred to in clause (h) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002; (58 of 2002.) (c) "specified undertaking" shall have the meaning assigned to it i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n or after the 1st day of June, 1999. (2) The provisions of sub-section (1) shall not apply- (i) where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year by the person responsible for making the payment to the account of, or to, the payee does not exceed ten thousand rupees : Provided that the amount of ten thousand rupees shall be computed with reference to the income credited or paid,- (a) in respect of a branch office of the Mutual Fund or of the Unit Trust of India, as the case may be, and (b) under a particular scheme under which the units have been issued; (ii) to such income credited or paid before the 1st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sp;1st day of June, 2016 before it was read as, "1[Income in respect of units. 194K. Where any income is payable to a resident in respect of units of a Mutual Fund specified under clause (23D) of section 10 or of the Unit Trust of India, the person responsible for making the payment shall, at the time of credit of such income to the account of payee or at the time of payment thereof in cash or by 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 : Provided that the provisions of this section shall not apply where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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