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of <h1>Tax on mutual fund and unit trust distributions: payer pays varied rates, specific exemptions apply, payment due within 14 days</h1> Any income distributed by a unit trust or mutual fund is chargeable to tax, with the fund or specified company required to pay additional tax on distributed income at rates that vary by fund type and recipient (higher rates for non-individual recipients and for non-equity or liquid funds, lower for equity funds; specified lower rate for infrastructure-debt distributions to non-resident investors). Certain exemptions apply (time-limited exemption for open-ended equity-oriented funds, exclusion for distributions by specified administrators, and no tax for specified IFS-centre mutual fund distributions from exchange transactions in convertible foreign exchange from 1-9-2019). The payer must remit the tax within fourteen days and no deduction is allowed for amounts taxed under these provisions.
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