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. |