No tax to be deducted in respect of the income specified under section 10(23FBA) received by an Investment Fund [Notification No. 51/2015, dated 24.6.2015]

Section 197A(1F) provides that no deduction of tax shall be made from such specified payment to such institution, association or body or class of institutions, associations or bodies as may be notified by the Central Government.

Accordingly, the Central Government has, vide this notification, notified that no tax has to be deducted in respect of payments of the nature specified in section 10(23FBA) [i.e., any income other than the income chargeable under the head “Profits and gains of business or profession”] received by any investment fund.10