Insertion of new section 194K

In force As on 10 Oct 2026

Ministry Finance Cited by 8 provisions

Section 80 of the Finance Act, 2020 deals with insertion of new section 194K. Insertion of new section 194K. 80. After section 194J of the Income-tax Act, the following section shall be inserted, namely:— '194K.

Insertion of new section 194K.
80. After section 194J of the Income-tax Act, the following section shall be inserted, namely:—
'194K. Income in respect of units.—Any person responsible for paying to a resident any income in respect of—
(a) units of a Mutual Fund specified under clause (23D) of section 10; or
(b) units from the Administrator of the specified undertaking; or
(c) units from the specified company,
shall, at the time of credit of such income to the account of the payee or at the time of payment thereof by any mode, whichever is earlier, deduct income-tax thereon at the rate of ten per cent:
Provided that the provisions of this section shall not apply—
(i) where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year by the person responsible for making the payment to the account of, or to, the payee does not exceed five thousand rupees; or
(ii) if the income is of the nature of capital gains.
Explanation 1.—For the purposes of this section,—
(a) "Administrator" means the Administrator as referred to in clause (a) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002);
(b) "specified company" means a company as referred to in clause (h) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002);
(c) "specified undertaking" shall have the meaning assigned to it in clause (i) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002).
Explanation 2.—For the removal of doubts, it is hereby clarified that where any income referred to in this section 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.'.
Section 80, The Finance Act, 2020.

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Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

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Referred to by 8

Questions about Section 80

What does Section 80 of the Finance Act deal with?

Section 80 of the Finance Act is headed "Insertion of new section 194K". Insertion of new section 194K. 80. After section 194J of the Income-tax Act, the following section shall be inserted, namely:— '194K.

How do I find court cases under Section 80 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 2020 80, section 80 Finance Act 2020, section 80 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 80 of the Finance Act, and has it changed?

Its own text turns on section 10 (Amendment of Section 12A), Income-tax Act 194J (Fees for professional or technical services), Unit Trust of India (Transfer of Undertaking and Repeal) Act 2 (Definitions), so none of them can safely be read on its own. 8 other provisions in this corpus refer back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2020. 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

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7. Amendment of Section 102233 words
53. Insertion of new sections 115BAC and 115BAD1625 words
153. Amendment of Act 28 of 20161366 words
116. Substitution of new section for section 8B1203 words
95. Amendment of Section 206C1116 words

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(a)		units of a Mutual Fund specified under clause (23D) of section 10; or
(b)		units from the Administrator of the specified undertaking; or
(c)		units from the specified company,

(i)		where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year by the person responsible for making the payment to the account of, or to, the payee does not exceed five thousand rupees; or
(ii)		if the income is of the nature of capital gains.

(a)		"Administrator" means the Administrator as referred to in clause (a) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002);
(b)		"specified company" means a company as referred to in clause (h) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002);
(c)		"specified undertaking" shall have the meaning assigned to it in clause (i) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002).