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The Central Government directs that payers make no tax deduction on specific payments received by an investment fund. The exemption applies to payments of the nature specified in clause 23FBA of Section 10 of the Income-tax Act. The investment fund must match the definition in clause a of the Explanation 1 of Section 115UB. The notification takes effect on the date of publication in the Official Gazette.
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THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 25th June, 2015 No. 51 /2015 INCOME-TAX
S.O. 1703(E).—In exercise of the powers conferred by sub-section (1F) of Section 197A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified in clause (23FBA) of sSection 10 of the said Act received by any investment fund as defined in clause (a) of the Explanation 1 of section 115UB of the said Act.
[F. No. 275/11/2015-IT (B)] SANDEEP SINGH, Under Secy.
