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Tax on income of investment fund and its unit holders

Section 115UB - SPECIAL PROVISIONS RELATING TO TAX ON INCOME OF INVESTMENT FUNDS AND INCOME RECEIVED FROM SUCH FUNDS - Income Tax - Section 115UB - 1[ 115UB. (1) Notwithstanding anything contained in any other provisions of this 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 same manner as if it were t .....

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llowed to be carried forward and it shall be set-off by the investment fund in accordance with the provisions of Chapter VI; and (ii) such loss shall be ignored for the purposes of sub-section (1). (3) The income paid or credited 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 previous year subject to the .....

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if not paid or credited to the person referred to in sub-section (1), shall subject to the provisions of sub-section (2), be deemed to have been credited to the account of the said person on the last day of the previous year 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 investment fund shall furnish, .....

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