Amendment of Section 115R

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..... (b) after sub-clause (iii) and before the proviso, the following proviso shall be inserted, namely: Provided that where any income is distributed by a mutual fund under an infrastructure debt fund scheme to a non-resident (not being a company) or a foreign company, the mutual fund shall be liable to pay additional income-tax at the rate of five per cent. on income so distributed: .....

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..... se 29 of the Bill seeks to amend section 115R of the Income-tax Act relating to tax on distributed income to unit holders. The existing provisions contained in sub-section (2) of the aforesaid section provides that any amount of income distributed by the specified company or a Mutual Fund to its unit holders shall be chargeable to tax and under clause (ii) thereof such specified company or .....

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..... y shall be liable for payment of additional income-tax at the rate of five per cent. on the income distributed. It is also proposed to define the expression infrastructure debt fund scheme in the proposed amendments. These amendments will take effect from 1st June, 2013. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Manageme .....

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