1(1) Where any income is payable to an investor, being a resident, in respect of an investment in a securitisation trust specified in clause (d) of the Explanation occurring after section 115TCA, 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 issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon, at the rate of-
(i) twenty-five per cent., if the payee is an individual or a Hindu undivided family;
(ii) thirty per cent., if the payee is any other person.
(2) Where any income is payable to an investor, being a non-resident (not being a company) or a foreign company, in respect of an investment in a securitisation trust specified in clause (d) of the Explanation occurring after section 115TCA, 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 issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon, at the rates in force.
Explanation.-For the purposes of this section,-
(a) "investor" shall have the meaning assigned to it in clause (a) of the Explanation occurring after section 115TCA;
(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 the credit of
such income to the account of the payee, and the provisions of this section
shall apply accordingly.
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1. Ins. by s. 84, ibid (w.e.f. 1-6-2016).
194J Fees for professional or technical service
Section 194LA Payment of compensation on acquisition of certain immovable property
Section 194LB Income by way of interest from infrastructure debt fund
Section 194LBA Certain income from units of a business trust
Section 194LBB Income in respect of units of investment fund
Section 194LBC Income in respect of investment in securitization trust
Section 194LC Income by way of interest from Indian company
Section 194LD Income by way of interest on certain bonds and Government securities