Clause 41 - Amendment of section 115R - Finance (No. 2) Bill, 2014

Amendment of section 115R 41. In section 115R of the Income-tax Act, (a) after the Explanation to sub-section (2), the following sub-section shall be inserted with effect from the 1st day of October, 2014, namely: (2A) For the purposes of determining the additional income-tax payable in accordance with sub-section (2), the amount of distributed income referred therein shall be increased to such amount as would, after reduction of the additional income-tax on such increased amount at the rate specified in sub-section (2), be equal to the amount of income distributed by the Mutual Fund. ; (b) sub-section (3A) shall be omitted with effect from the 1st day of April, 2015.