The matter regarding grant of exemption from deduction of income-tax at source under sections 193, 194A and 194K of the Income-tax Act on the payment of incomes to World Renewal Spiritual Trust, Mumbai whose income is exempt for assessment years 2002-03 to 2004-05 under section 10(23C)( vi) of the Income-tax Act, 1961, has been examined by the Board.
2. It has been decided by the Board that in the case of World Renewal Spiritual Trust, Mumbai the incomes by way of—
(i) Interest on securities,
(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 Trust without deduction of income-tax at source. The provisions of this Circular shall be applicable for the financial years 2002-03 and 2003-04 (assessment years 2003-04 and 2004-05).
Circular : No. 3/2003, dated 11-3-2003.