Insertion of new section 194K.

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....a Mutual Fund specified under clause (23D) of section 10; or (b) units from the Administrator of the specified undertaking; or (c) units from the specified company, shall, at the time of credit of such income to the account of the payee or at the time of payment thereof by any mode, whichever is earlier, deduct income-tax thereon at the rate of ten per cent.: ....

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....p;(58 of 2002) (c) "specified undertaking" shall have the meaning assigned to it in clause (i) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002. (58 of 2002) Explanation 2.--For the removal of doubts, it is hereby clarified that where any income referred to in this section is credited to any account, whether called "suspense ac....

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....whichever is earlier, deduct income-tax thereon at the rate of ten per cent. It is further proposed to provide that the provisions of the said section shall not apply where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year by the person responsible for making the payment to th....