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Section 196B - TDS on income from units to Offshore fund - Income Tax - Ready Reckoner - Income TaxExtract SEC 196B : TDS ON LONG TERM CAPITAL GAINS (LTCG) FROM UNITS REFERRED TO IN SECTION 115AB Where any income in respect of units referred to in section 115AB or by way of long-term capital gains arising from the transfer of such units is payable to an Offshore Fund, the person responsible for making the payment shall deduct income tax thereon @ 10% + surcharge as applicable. Income tax shall be deducted either at the time of actual payment of such income or at the time of its credit to the account of the payee, whichever is earlier. Note: Income on units referred to in section 115AB is exempt under section 10(35) and hence, no TDS. No TDS shall be deducted on Long Term Capital Gains exempt under section 10(38) .
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