Certain entities whose income is unconditionally exempt under Sec. 10:-
In case of certain entities whose income is unconditionally exempt under Sec. 10 and who are statutorily not required to file return under Sec. 139 there will be no requirement for TDS, since their income is any way exempt.
Can anyone please provide example of entites & their business for above.
Thanks & regards in advance.
S.196. Notwithstanding anything contained in the foregoing provisions of this Chapter, no deduction of tax shall be made by any person from any sums payable to—
(i) the Government, or
(ii) the Reserve Bank of India, or
(iii) a corporation established by or under a Central Act which is, under any law for the time being in force, exempt from income-tax on its income, or
(iv) a Mutual Fund specified under clause (23D) of section 10,
where such sum is payable to it by way of interest or dividend in respect of any securities or shares owned by it or in which it has full beneficial interest, or any other income accruing or arising to it.
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