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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>10% Tax Deduction for Unit Holders in Specified Investment Funds Under Section 194LBB of the Income-tax Act.</h1> Section 194LBB of the Income-tax Act, introduced by the Finance Act, 2015, mandates a 10% tax deduction on income payable to unit holders of specified investment funds, excluding income similar to that under section 10(23FBB). This deduction applies at the time of credit or payment, whichever is earlier. The term 'unit' is defined as per section 115UB, and any credited income, even if recorded in a suspense account, is treated as credited to the payee's account for tax purposes.
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