Tax on distributed income increased, extending higher rate to non individual recipients and to liquid and money market funds.

Section 115R(2) is amended to limit the reference to "income distributed" to distributions to individuals and Hindu undivided families; to insert a new clause imposing thirty per cent withholding on income distributed to any other person by a money market mutual fund or a liquid fund; and to substitute thirty per cent for the earlier twenty per cent rate in clause (iii).

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