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of <h1>20% TDS on specified mutual fund income paid to non-residents unless lower tax treaty rate or valid certificate applies</h1> Any person paying income attributable to units of specified mutual funds to a non-resident (other than a domestic company) or to a foreign company must deduct tax at source at 20% when crediting or paying the income, except that where an applicable tax treaty and a valid certificate apply, the lower treaty rate prevails. No tax is deductible on income from Unit Trust of India units purchased from permitted non-resident external accounts or by permitted foreign currency remittance. Crediting such income to any suspense or similar account is treated as credit to the payee's account for deduction purposes, and definitions for foreign currency and non-resident Indian are provided.
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