194LBA Income Tax Act - Certain income from units of a business trust

Section 194lba of Income Tax Act 1961 - Certain income from units of a business trust

1(1) Where any distributed income referred to in section 115UA, being of the nature referred to 2 in sub-clause (a) of clause (23FC) 3 or clause (23FCA) of section 10, is payable by a business trust to its unit holder being a resident, the person responsible for making the payment shall at the time of credit of such payment 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.

(2) Where any distributed income referred to in section 115UA, being of the nature referred to 2 in sub-clause (a) of clause (23FC) of section 10, is payable by a business trust to its unit holder,4 being a non-resident (not being a company) or a foreign company, the person responsible for making the payment shall at the time of credit of such payment 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 five per cent.

3 (3) Where any distributed income referred to in section 115UA, being of the nature referred to in clause (23FCA) of section 10, is payable by a business trust to its unit holder, being a non-resident (not being a company), or a foreign company, the person responsible for making the payment shall at the time of credit of such payment 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 rates in force.
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1. Ins. by Act 25 of 2014, s. 58 (w.e.f. 1-10-2014).
2. Subs. by Act 28 of 2016, s. 82, for "in clause (23FC)" (w.e.f. 1-6-2016).
3. Ins. by Act 20 of 2015, s. 46 (w.e.f. 1-6-2015).
4. Subs. by s. 46, ibid., for "being a non-resident, not being a company" (w.e.f. 1-6-2015).