Income-tax Act, 1961
Section - 194LBB - Income in respect of units of investment fund
Income in respect of units of investment fund.194LBB. Where any income, other than that proportion of income which is of the same nature as income referred to in clause (23FBB) of section 10, is payable to a unit holder in respect of units of an investment fund specified in clause (a) of the Explanation 1 to section 115UB, 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 cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon,-
Provided that where the payee is a non-resident (not being a company) or a foreign company, no deduction shall be made in respect of any income that is not chargeable to tax under the provisions of the Act.Explanation.-For the purposes of this section,-
| (i) | - | at the rate of ten per cent, where the payee is a resident; |
| (ii) | - | at the rates in force, where the payee is a non-resident (not being a company) or a foreign company : |
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