(1)Where any distributed income referred to in section 115UA, being of the nature referred to in clause (23FC) [or clause (23FCA)] [Substituted by Act 20 of 2002, Section 79, for Section 194-K (w.e.f. 1.6.2002).] of section 10, is payable by a business trust to its unit holder being a resident, the person responsible for making the payment shall at the time of credit of such payment to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of ten per cent.
