1011. Exemption from requirement of deduction of income-tax at source on payment of income to Ramakrishna Math and Ramakrishna Mission whose income is exempt under section 10(23C)(iv)
1. Representations have been received for grant of exemption from the requirement of deduction of income-tax at source under sections 193, 194A and 194K of the Income-tax Act on the payment of incomes to Ramakrishna Math and Ramakrishna Mission whose income is exempt under sub-clause (iv) of section 10(23C) of the Income-tax Act, 1961.
2. The matter has been examined by the Board and it has been decided that in the case of Ramakrishna Math and Ramakrishna Mission whose income is exempt under sub-clause (iv) of section 10( 23C) of the Income-tax Act, the incomes by way of (i ) interest on securities of the Central and State Governments, (ii) interest other than ‘income by way of interest on securities’, and (iii) income in respect of units of a Mutual Fund specified under section 10(23D) or of the Unit Trust of India may be paid to the Ramakrishna Math and Ramakrishna Mission without deduction of income-tax at source. The provisions of this Circular shall be applicable from the current financial year.
Circular : No. 3/2002, dated 28-6-2002.
