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of <h1>No Tax Deduction on Certain Investment Fund Income Under Section 10(23FBA) of Income-tax Act, 1961</h1> The Central Government, exercising its powers under the Income-tax Act, 1961, has issued Notification No. 51/2015, effective from June 24, 2015. It states that no tax deduction under Chapter XVII of the Act will be made on income specified in clause (23FBA) of section 10, received by any investment fund, except income chargeable under 'Profits and gains of business or profession.' This applies to investment funds as defined in section 115UB. The notification was published in the Official Gazette by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes.
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