196B. [ Income from units. [ Inserted by Act 49 of 1991, Section 58 (w.e.f. 1.10.1991).]
- ] [Substituted by Act 22 of 1995, Section 37, for Section 196-A (w.e.f. 1.7.1995).][Where any income in respect of units referred to in section 115-AB or by way of long-term capital gains arising from the transfer of such units is payable to an Offshore Fund] [ Substituted by Act 38 of 1993, Section 26, for " Where any income is payable in respect of units referred to in section 115-AB to an offshore Fund" (w.e.f. 1.6.1993).][, the person responsible 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 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. ] [ Inserted by Act 49 of 1991, Section 58 (w.e.f. 1.10.1991).]
