Insertion of New Sections 194J and 194K

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..... ot being an individual or a Hindu undivided family, who is responsible for paying to a resident any sum by way of - (a) fees for professional services, or (b) fees for technical services, shall, at the time of credit of such sum to the account of the 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 an amount e .....

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..... erred to in sub-section (1) justifies the deduction of income-tax at any lower rate or no deduction of income-tax, as the case may be, the Assessing Officer shall, on an application made by that person in this behalf, give to him such certificate as may be appropriate. (3) Where any such certificate is given, the person responsible for paying the sum referred to in sub-section (1) shall, until s .....

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..... alled "Suspense account" or by any other name, in the books of account of the person liable to pay such sum, such crediting shall be deemed to be credit of such sum to the account of the payee and the provisions of this section shall apply accordingly. 194K. Income in respect of units. - (1) Where any income is payable to a resident in respect of units of a mutual fund specified und .....

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..... nd 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 day of July, 1995; (iii) to such .....

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..... nit Trust of India Act, 1963 (52 of 1963); (b) where any income as aforesaid is credited to any account, whether called "Suspense account" or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be credit of such income to the account of the payee and the provisions of this section shall accordingly.'.
Statute, sta .....

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