196B Income Tax Act - Income from units

Section 196b of Income Tax Act 1961 - Income from units

1,2 Where any income in respect of units referred to in section 115AB or by way of long-term capital gains arising from the transfer of such units is payable 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, whichever is earlier, deduct income-tax thereon at the rate of ten per cent.
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1. Ins. by Act 49 of 1991, s. 58 (w.e.f. 1-10-1991).

2. Subs. by Act 38 of 1993, s. 26, for "Where any income is payable in respect of units referred to in section 115AB to an Offshore Fund" (w.e.f. 1-6-1993).