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        Bills

        Section 194K – Income in respect of units

        1 February, 2025

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        Union Budget 2025-26 (Full) + Finance Bill, 2025

        Section 194K – Income in respect of units

        Section 194K of the Act requires that for any person responsible for paying to a resident any income in respect of units of a Mutual Fund specified under clause (23D) of section 10; or units from the Administrator of the specified undertaking; or units from the specified company, shall, deduct income-tax at the rate of ten per cent, provided the amount of such income to income to a payee exceeds Rs. 5,000/- in a year.

        2. It is proposed to increase this threshold amount for requirement of deduction of tax at source under this section from Rs. 5,000/- to Rs. 10,000/-.

        3. This amendment will take effect from the 1st day of April 2025.

        [Clause 61]

         

        Full Text:

        Union Budget 2025-26 (Full) + Finance Bill, 2025

        TDS on mutual fund unit income: threshold for mandatory deduction increased, narrowing instances where withholding is required. Persons paying income in respect of mutual fund units, administrators of specified undertakings, or specified companies must deduct tax at source at the prescribed rate only when the payee's income from such units exceeds the revised threshold; the amendment narrows the circumstances requiring deduction and applies prospectively from the effective date specified in the Finance Bill.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              TDS on mutual fund unit income: threshold for mandatory deduction increased, narrowing instances where withholding is required.

                              Persons paying income in respect of mutual fund units, administrators of specified undertakings, or specified companies must deduct tax at source at the prescribed rate only when the payee's income from such units exceeds the revised threshold; the amendment narrows the circumstances requiring deduction and applies prospectively from the effective date specified in the Finance Bill.


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