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of <h1>Income Tax Bill 2025 Clause 393(5) exempts government entities and mutual funds from tax deduction at source</h1> The Income Tax Bill 2025's Clause 393(5) exempts specific entities from tax deduction at source (TDS), mirroring Section 196 of the Income-tax Act 1961. Exempt entities include the Government, Reserve Bank, corporations established under Central Acts with tax-exempt status, and specified mutual funds. The exemption covers interest, dividends, and other income accruing to these entities. The provision uses a non-obstante clause to override other TDS obligations. The main change involves referencing Schedule VII for mutual funds instead of section 10(23D), modernizing legislative drafting while maintaining substantive scope. This ensures administrative efficiency by avoiding redundant tax collection from inherently tax-exempt entities.
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