Insertion of new section 194LBB
Section 47 of the Finance Act, 2015 deals with insertion of new section 194LBB. 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.
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,—
Section 47, The Finance Act, 2015 (Act 20 of 2015).
(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.'.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
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Questions about Section 47
What does Section 47 of the Finance Act deal with?
Section 47 of the Finance Act is headed "Insertion of new section 194LBB". 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.
How do I find court cases under Section 47 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2015 47, section 47 Finance Act 2015, section 47 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 47 of the Finance Act, and has it changed?
Its own text turns on section 10 (Amendment of section 32), Income-tax Act 194LBA (Certain income from units of a business trust), so none of them can safely be read on its own. 6 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2015 as Act 20 of 2015. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule8029 words
- Fifth Schedule. Fifth Schedule4392 words
- 2. Income-tax3525 words
- 94. Substitution of new section for section 11AC1125 words
- 6. Insertion of new section 9A1095 words
- 5. Amendment of section 91039 words
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