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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2016 amends section 194LBB: 10% tax deduction on investment fund income for residents, variable for non-residents.</h1> Clause 81 of the Finance Bill, 2016 amends section 194LBB of the Income-tax Act concerning income from units of investment funds. The amendment specifies that income-tax should be deducted at a rate of 10% when the payee is a resident. For non-resident payees or foreign companies, the deduction should be at the rates in force. This change, effective from June 1, 2016, applies to income payable to unit holders, excluding income of the type mentioned in clause (23FBB) of section 10.
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