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of <h1>Tax Deduction Exemptions Expanded: Government Entities, RBI, and Mutual Funds Receive Special Treatment Under Section 196</h1> The amendment modifies section 196 of the Income-tax Act, introducing provisions for tax deduction exemptions. Specifically, no tax deduction shall be made on sums payable to government entities, the Reserve Bank of India, certain tax-exempt corporations, and specified mutual funds. The amendment also adds section 196A, preventing tax deductions from sums payable to mutual fund unit-holders by public sector banks and financial institutions.
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