Tax withholding on investment fund unit income required; payer must deduct at source when income is credited or paid. Where income (excluding that proportion of income of the same nature as the expressly excluded category) is payable to a unit holder in respect of units of a specified investment fund, the payer shall, at the earlier of credit to the payee's account or payment in cash or by cheque, draft or any other mode, deduct income-tax thereon at the prescribed rate. Credit to any account, including a suspense account, in the payer's books is deemed to be credit to the payee's account for triggering the withholding obligation. The term unit bears the statutory meaning used for investment-fund units.