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Insertion of new Chapter XII-FB- Tax on income of investment fund and its unit holders

Section 33 - Acts - DIRECT TAXES - Income-tax - FINANCE ACT, 2015 - Section 33 - Insertion of new Chapter XII-FB 33. After Chapter XII-FA of the Income-tax Act, the following Chapter shall be inserted with effect from the 1st day of April, 2016, name .....

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is Act and subject to the provisions of this Chapter, any income accruing or arising to, or received by, a person, being a unit holder of an investment fund, out of investments made in the investment fund, shall be chargeable to income-tax in the sam .....

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stment fund [without giving effect to the provisions of clause (23FBA) of section 10] is a loss under any head of income and such loss cannot be or is not wholly set-off against income under any other head of income of the said previous year, then,- .....

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ted by the investment fund shall be deemed to be of the same nature and in the same proportion in the hands of the person referred to in sub-section (1), as if it had been received by, or had accrued or arisen to, the investment fund during the previ .....

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at maximum marginal rate in any other case. (5) The provisions of Chapter XII-D or Chapter XII-E shall not apply to the income paid by an investment fund under this Chapter. (6) The income accruing or arising to, or received by, the investment fund, .....

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in the same proportion in which such person would have been entitled to receive the income had it been paid in the previous year. (7) The person responsible for crediting or making payment of the income on behalf of an investment fund and the investm .....

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the nature of the income paid or credited during the previous year and such other relevant details, as may be prescribed. Explanation 1.-For the purposes of this Chapter,- (a) investment fund means any fund established or incorporated in India in the .....

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