{"act":{"id":"finance-act-2015","short_title":"The Finance Act, 2015","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2015-2016.","act_number":"20","act_year":2015,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":165,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2015/"},"unit":"section","section":{"number":"47","heading":"Insertion of new section 194LBB","text":"Insertion of new section 194LBB. 47. After section 194LBA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2015, namely:— '194LBB. Income in respect of units of investment fund.—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 at the rate of ten per cent. Explanation.—For the purposes of this section,— (a) | \"unit\" shall have the meaning assigned to it in clause (c) of the Explanation 1 to section 115UB; (b) | where any income as aforesaid is credited to any account, whether called \"suspense account\" or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be the credit of such income to the account of the payee, and the provisions of this section shall apply accordingly.'.","html":"<p><b>Insertion of new section 194LBB.</b></p><p><b>47.</b> After section 194LBA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2015, namely:—</p><p>'194LBB. <i>Income in respect of units of investment fund</i>.—Where any income, other than that proportion of income which is of the same nature as income referred to in clause (<i>23FBB</i>)of section 10, is payable to a unit holder in respect of units of an investment fund specified in clause (<i>a</i>) of the <i>Explanation 1</i> 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 at the rate of ten per cent.</p><p><i>Explanation.</i>—For the purposes of this section,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>\"unit\" shall have the meaning assigned to it in clause (<i>c</i>) of the <i>Explanation 1</i> to section 115UB;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>where any income as aforesaid is credited to any account, whether called \"suspense account\" or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be the credit of such income to the account of the payee, and the provisions of this section shall apply accordingly.'.</td></tr></table></div>","words":229,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2015/section/47/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}