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of <h1>Finance Bill 2020: Section 194K introduces 10% tax deduction on income from mutual fund units over INR 5,000.</h1> Clause 80 of the Finance Bill, 2020 introduces section 194K to the Income-tax Act, mandating a 10% tax deduction on income paid to residents from mutual fund units, units from the Administrator of the specified undertaking, or units from the specified company. This deduction occurs at the time of credit or payment, whichever is earlier. The provision excludes income not exceeding INR 5,000 in a financial year. Definitions for 'Administrator,' 'specified company,' and 'specified undertaking' are provided, and income credited to any account, including suspense accounts, is treated as credited to the payee. This amendment is effective from April 1, 2020.
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