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of <h1>New Section 194LBB: 10% Tax Deduction on Income from Specified Investment Funds Effective June 1, 2015</h1> Clause 46 of the Finance Bill, 2015, introduces section 194LBB to the Income-tax Act, effective June 1, 2015. This section mandates a 10% income tax deduction on income payable to unit holders of specified investment funds, excluding income similar to that in clause (23FBB) of section 10. The tax deduction applies at the time of crediting the income to the payee's account or at payment, whichever is earlier. The section also clarifies that crediting income to any account, including a 'suspense account,' is considered as crediting to the payee's account for tax purposes.
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