Income in respect of units

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....t 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 the account of, or to, the payee does not exceed ^7[ten thousand rupees]; or (ii) if the income is of the nature of capital gains. Explanation 1.-For the purposes of this section,- (a) "Administrator" means the Administrator as referred to in clause (a) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002; (58 of 2002.) (b) "specified company" means a company as referred to in clause (h) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, ....

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.... or paid on or after the 1st day of June, 1999. (2) The provisions of sub-section (1) shall not apply- (i) 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 the account of, or to, the payee does not exceed ten thousand rupees : Provided that the amount of ten thousand rupees shall be computed with reference to the income credited or paid,- (a) in respect of a branch office of the Mutual Fund or of the Unit Trust of India, as the case may be, and (b) under a particular scheme under which the units have been issued; ....

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.... 79 of the Finance Act, 2003 w.e.f. 01-08-2002 before it was read as, "one thousand" 3.  Inserted vide Section 79 of the Finance Act, 2003 w.e.f. 01-04-2003 4. Words "two thousand five hundred" should be substituted for the words "one thousand". 5. Omitted vide Section 80 of the Finance Act, 2016 w.e.f. 01-06-2016 before it was read as, "^1[Income in respect of units. 194K. Where any income is payable to a resident in respect of units of a Mutual Fund specified under clause (23D) of section 10 or of the Unit Trust of India, the person responsible for making the payment shall, at the time of credit of such income to the account of payee or at the time of payment thereof in cas....