India - Income Tax Act 2010 - Saarc

1.761 CH. XVII - COLLECTION AND RECOVERY - DEDUCTION AT SOURCE S. 194Lor by issue of a cheque or draft or by any other mode, whichever is earlier, deductincome-tax thereon at the rate of ten per cent :Provided that the provisions of this section shall not apply where the amount ofsuch income or, as the case may be, the aggregate of the amounts of such incomecredited or paid or likely to be credited or paid during the financial year by theperson responsible for making the payment to the account of, or to, the payeedoes not exceed 91 [two thousand five hundred] rupees :Provided further that the amount of one thousand* rupees shall be computedwith reference to the income credited or paid—(a) in respect of a branch office of the Mutual Fund or of the Unit Trustof India, as the case may be, and(b) under a particular scheme under which the units have been issued :92[Provided also that no deduction shall be made under this section from anysuch income credited or paid on or after the 1st day of April, 2003.]Explanation.—For the purposes of this section,—(a) “Unit Trust of India” means the Unit Trust of India established underthe Unit Trust of India Act, 1963 (52 of 1963);(b) where any income as aforesaid is credited to any account, whethercalled “Suspense account” or by any other name, in the books ofaccount of the person liable to pay such income, such crediting shallbe deemed to be credit of such income to the account of the payee andthe provisions of this section shall apply accordingly.]93[Payment of compensation on acquisition of capital asset.194L. Any person responsible for paying to a resident any sum being in thenature of compensation or the enhanced compensation or the considerationor the enhanced consideration on account of compulsory acquisition,under any law for the time being in force, of any capital asset shall, at the time(Contd. from p. 1.760)(iv) to such income credited or paid in respect of units issued under any scheme of theUnit Trust of India to any institution or fund where such income is not liable toinclusion in its total income under the provisions of sections 11 and 12 or clause (22)or clause (22A) or clause (23) or clause (23AA) or clause (23C) of section 10.Explanation.—For the purposes of this section,—(a) “Unit Trust of India” means the Unit Trust of India established under the Unit Trustof India Act, 1963 (52 of 1963);(b) where any income as aforesaid is credited to any account, whether called “Suspenseaccount” or by any other name, in the books of account of the person liable to paysuch income, such crediting shall be deemed to be credit of such income to theaccount of the payee and the provisions of this section shall apply accordingly.’90. See rules 28(1), 28AA, 28AB, 29C, 30, 31, 31A, 31AB, 37 and 37BA and Form Nos. 13, 15G,15H, 16A, 26AS and 26Q. See also Circular No. 715, dated 8-8-1995, Circular No. 3/2002,dated 28-6-2002, Circular No. 11, dated 22-11-2002, Circular No. 12, dated 22-11-2002,Circular No. 2/2003, dated 11-3-2003 and Circular No. 3/2003, dated 11-3-2003. Fordetails, see Taxmann’s Master Guide to Income-tax Act.91. Substituted for “one thousand” by the Finance Act, 2003, w.r.e.f. 1-8-2002.92. Inserted, ibid., w.e.f. 1-4-2003.93. Inserted by the Finance Act, 1999, w.e.f. 1-6-1999.*Words “two thousand five hundred” should be substituted for the words “one thousand”.