Tax deduction on mutual fund income now required at payment or credit, with a small-payment exemption and per-branch per-scheme computation. Where income payable to a resident in respect of units of a specified mutual fund or the Unit Trust of India is credited or paid, the payer must deduct ... Summary
Tax deduction on mutual fund income now required at payment or credit, with a small-payment exemption and per-branch per-scheme computation.
Where income payable to a resident in respect of units of a specified mutual fund or the Unit Trust of India is credited or paid, the payer must deduct income-tax at the time of credit or payment, subject to a limited exemption where the aggregate income credited or paid by that payer in the year does not exceed a prescribed threshold; the threshold is computed per branch and per scheme, and credits to suspense accounts are deemed credit to the payee for deduction purposes.
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