Section 42 of Finance Act 2018 : Amendment of section 115R Income Tax Act

By | April 1, 2018
(Last Updated On: April 16, 2018)

Section 42 of Finance Act 2018

[Section 42 of Finance Act 2018 deals with Amendment of section 115R. and is covered in CHAPTER III DIRECT TAXES]

Amendment of section 115R.

42. In section 115R of the Income-tax Act, in sub-section (2),—

(A)for clause (i) to clause (iii), the following clauses shall be substituted, namely:—
“(i)twenty-five per cent on income distributed to any person being an individual or a Hindu undivided family by a money market mutual fund or a liquid fund;
(ii)thirty per cent on income distributed to any other person by a money market mutual fund or a liquid fund;
(iii)ten per cent on income distributed to any person by an equity oriented fund;
(iv)twenty-five per cent on income distributed to any person being an individual or a Hindu undivided family by a fund other than a money market mutual fund or a liquid fund or an equity oriented fund; and
(v)thirty per cent on income distributed to any other person by a fund other than a money market mutual fund or a liquid fund or an equity oriented fund:”;
(B)in the second proviso, clause (b) shall be omitted.

Finance Act 2018 : Assented by President : Download Print Notification

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