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of <h1>Section 194F omitted from Income Tax Act removing TDS requirement on mutual fund unit repurchase payments</h1> Section 194F of the Income Tax Act, 1961 was originally inserted in 1991 to mandate tax deduction at source on payments for repurchase of units by Mutual Funds or Unit Trust at twenty percent rate. The provision required the payer to deduct income tax at the time of making such payments to any person. This section has been omitted effective October 1, 2024, through the Finance Act, 2024, removing the requirement for tax deduction at source on mutual fund unit repurchase payments.
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