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of <h1>Section 196A: 20% TDS on non-resident mutual fund income; lower rates with Double Taxation Agreement from April 2023.</h1> Section 196A of the Income Tax Act, effective from April 1, 2020, mandates a 20% Tax Deducted at Source (TDS) on income from mutual fund units paid to non-residents, excluding companies, or foreign companies. From April 1, 2023, TDS applies at 20% or the rate specified in an applicable Agreement for Avoidance of Double Taxation (ADT), whichever is lower, if a tax residency certificate is provided. No TDS is deducted on income from Unit Trust of India units acquired by non-resident Indians or Hindu undivided families using funds from a Non-resident (External) Account or foreign currency remittances, compliant with the Foreign Exchange Management Act, 1999.
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