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of <h1>Finance Bill 2013: Section 115R Amendment Doubles Tax on Mutual Funds, Introduces 5% Tax for Non-Residents</h1> Clause 29 of the Finance Bill, 2013, amends Section 115R of the Income-tax Act, effective June 1, 2013. It increases the additional income-tax rate from 12.5% to 25% on income distributed by non-money market or liquid mutual funds to individuals or Hindu undivided families. It introduces a 5% tax on income distributed by mutual funds under infrastructure debt fund schemes to non-residents or foreign companies. The amendment also defines 'infrastructure debt fund scheme' as per the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.
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