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of <h1>Section 196B mandates tax deduction at source on offshore fund income and capital gains at 10% or 12.5% rates</h1> Section 196B of the Income Tax Act, 1961 mandates tax deduction at source on income from units and long-term capital gains payable to Offshore Funds. The person making payment must deduct tax at the time of credit or payment, whichever is earlier. Deduction rates are: 10% for income from specific units and long-term capital gains from transfers before July 23, 2024; and 12.5% for long-term capital gains from transfers on or after July 23, 2024.
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