Tax on income distributed by mutual fund or life insurer.

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..... stributed or paid to the unit holders of equity oriented fund. (2) Every life insurer shall be liable to pay tax on any amount of income, computed in the manner prescribed, distributed or paid to the policy holders of an approved equity oriented life insurance scheme. (3) The tax on the distributed income shall be charged at the rate specified in Paragraph C of the Second Schedule, on .....

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..... er credit shall be claimed by the mutual fund or the life insurer or by any other person in respect of the tax so paid. (7) If the mutual fund or the life insurer or the person responsible for making payment of the distributed income on its behalf, as the case may be, does not pay the tax in accordance with the provisions of this section, then, it or he shall be deemed to be an assessee in d .....

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..... here more than sixty-five per cent. of total proceeds of such fund are invested by way of equity shares in domestic companies; (b) "approved equity oriented life insurance scheme" means— (i) a life insurance scheme where more than sixty-five per cent. of the total premia received under such scheme are invested by way of equity shares in domestic companies; and (ii) such .....

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