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Insertion of new section 194LBC - Income in respect of investment in securitisation trust.

Clause 82 - Bills - DIRECT TAXES - Bill - Clause 82 - Insertion of new section 194LBC. 82. After section 194LBB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2016, namely:- Income in respect of i .....

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esponsible for making the payment shall, at the time of credit of such income to the account of the 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 .....

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) or a foreign company, in respect of an investment in a securitisation trust specified in clause (d) of the Explanation occurring after section 115TCA, the person responsible for making the payment shall, at the time of credit of such income to the .....

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shall have the meaning assigned to it in clause (a) of the Explanation occurring after section 115TCA; (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 .....

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the Income-tax Act relating to income in respect of investment in securitisation trust. Sub-section (1) of the proposed new section seeks to provide that where any income is payable to an investor, being a resident, in respect of an investment in a .....

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of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon, at the rate of- (i) twenty-five per cent., if the payee is an individual or a Hindu undivided family; (ii) thirty per cent., if the payee is any other person .....

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(d) of the Explanation to section 115TCA, 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 mod .....

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