Section 194F on 20% tax deduction for mutual fund repurchase omitted from October 1, 2024, per Finance Act 2024.
Section 194F, which dealt with the deduction of income tax at 20% on payments made by a mutual fund or Unit Trust of India for the repurchase of units under an Equity Linked Saving Scheme, has been omitted effective October 1, 2024, as per the Finance (No. 2) Act, 2024. This section previously required tax deduction at source for such transactions, aligning with the provisions applicable under section 80CCB.