TMI BlogTax on distributed income to unit holdersX X X X Extracts X X X X X X X X Extracts X X X X ..... Provided that nothing contained in this sub-section shall apply in respect of any income distributed to a unit holder of open-ended equity oriented funds in respect of any distribution made from such fund for a period of three years commencing from the 1st day of April, 1999. 4 [ (2) Notwithstanding anything contained in any other provision of this Act, any amount of income distributed by the specified company or a Mutual Fund to its unit holders 24 [ on or before the 31st day of March, 2020 ] shall be chargeable to tax and such specified company or Mutual Fund shall be liable to pay additional income-tax on such distributed income 5 [ at the rate of- 19 [(i) twenty-five per cent. on income distributed to any person bein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntre and where the Consideration for such transaction is paid or payable in convertible foreign exchange: ] 16 [ Explanation .-For the purposes of this sub-section,- (i) administrator and specified company shall have the meanings respectively assigned to them in the Explanation to clause (35) of section 10; 22 [ (ia) convertible foreign exchange means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 (42 of 1999.) and the rules made thereunder; ] (ii) infrastructure debt fund scheme shall have the same meaning as assigned to it in clause (1) of regulation 49L of the Securities and Exchange ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No deduction under any other provision of this Act shall be allowed to the Unit Trust of India or to a Mutual Fund in respect of the income which has been charged to tax under sub-section (1) or sub-section (2). ******************** Notes :- 1. Chapter XII-E, consisting of sections 115R to 115T, inserted by the Finance Act, 1999, w.e.f. 1-6-1999. 2 . Substituted for any amount of income distributed by the Unit Trust of India to its unit-holders by the Finance Act, 2002, w.e.f. 1-4-2003. 3. Substituted for twenty by the Finance Act, 2001, w.e.f. 1-6-2001. Earlier twenty was substituted for ten by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. Word open-ended omitted by the Finance Act, 2006, w.e.f. 1-6-2006. 8. Words for a period of one year commencing from the 1st day of April, 2003 omitted by the Finance (No. 2) Act, 2004, w.r.e.f. 1-4-2004. 9. Inserted by the Finance Act, 2000, w.e.f. 1-6-2000. 10. For the words income distributed , the words income distributed to any person being an individual or a Hindu undivided family substituted vide Finance Act, 2011 w.e.f. 1.6.2011 11. Inserted vide Finance Act, 2011 w.e.f. 1.6.2011 12. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and verified in the prescribed manner, giving the details of the amount of income distributed to unit holders during the previous year, the tax paid thereon and such other relevant details as may be prescribed .] 19. Substituted vide THE FINANCE ACT, 2018 , before it was read as, 6 [(i) twenty-five per cent on 10 [income distributed to any person being an individual or a Hindu undivided family] by a money market mutual fund or a liquid fund; 11 [(ia) thirty per cent on income distributed to any other person by a money market mutual fund or a liquid fund;] (ii) 13 [twenty-five per cent] on income distributed to any person being an individual or a Hindu undivided family by a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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