Tax Deduction at Source on mutual fund unit income: payer must deduct tax at a fixed rate unless exempt. Insertion of section 194K requires payers to deduct tax at source on income to residents in respect of units of specified mutual funds, units from the Administrator of the specified undertaking, or units from the specified company, at the time of credit or payment, subject to an exemption when the aggregate payable by the payer to the payee is below a de minimis threshold and excluding incomes characterized as capital gains. Definitions of Administrator, specified company and specified undertaking are provided by reference to the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, and credits to any account in the payer's books are deemed credit to the payee.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax Deduction at Source on mutual fund unit income: payer must deduct tax at a fixed rate unless exempt.
Insertion of section 194K requires payers to deduct tax at source on income to residents in respect of units of specified mutual funds, units from the Administrator of the specified undertaking, or units from the specified company, at the time of credit or payment, subject to an exemption when the aggregate payable by the payer to the payee is below a de minimis threshold and excluding incomes characterized as capital gains. Definitions of Administrator, specified company and specified undertaking are provided by reference to the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, and credits to any account in the payer's books are deemed credit to the payee.
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