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of <h1>Section 196 exempts Government, RBI, certain corporations and Mutual Funds from tax deduction at source on payments</h1> Section 196 of the Income Tax Act, 1961 exempts certain entities from tax deduction at source on payments received. No tax deduction is required on interest, dividends, or other sums payable to the Government, Reserve Bank of India, corporations established under Central Acts that are income-tax exempt, or specified Mutual Funds under section 10(23D). This exemption applies when payments relate to securities or shares owned by these entities with full beneficial interest, or other income accruing to them.
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