# The Finance Act, 1990, Section 40: Insertion of new section 194F

- Act: The Finance Act, 1990 (Act 12 of 1990)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1990/section/40/

## Text

Insertion of new section 194F 40. After section 194E of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1991, namely: — "194F. Payments on account of repurchase of units by Mutual Fund or Unit Trust of India.—The person responsible for paying to any person any amount referred to in sub-section (2) of section 80CCB shall, at the time of payment thereof, deduct income-tax thereon at the rate of twenty per cent.". [Finance Act, 1990] © Copyright. Taxmann Publications Pvt. Ltd.

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