Tax exclusion for distributed income by specified mutual funds operating from international financial centres where consideration is in convertible foreign exchange. Amendment to section 115R inserts a proviso excluding from additional income-tax distributions by a specified Mutual Fund of income derived from transactions on a recognised stock exchange located in an International Financial Services Centre when consideration is paid or payable in convertible foreign exchange, and adds Explanation definitions for 'convertible foreign exchange', 'International Financial Services Centre', 'recognised stock exchange', 'specified Mutual Fund' and 'unit', effective from 1st September, 2019.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax exclusion for distributed income by specified mutual funds operating from international financial centres where consideration is in convertible foreign exchange.
Amendment to section 115R inserts a proviso excluding from additional income-tax distributions by a specified Mutual Fund of income derived from transactions on a recognised stock exchange located in an International Financial Services Centre when consideration is paid or payable in convertible foreign exchange, and adds Explanation definitions for "convertible foreign exchange", "International Financial Services Centre", "recognised stock exchange", "specified Mutual Fund" and "unit", effective from 1st September, 2019.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
