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of <h1>Amendment to Section 115R exempts certain Mutual Funds in International Financial Services Centres from additional tax, effective September 2019.</h1> Clause 37 of the Finance (No. 2) Bill, 2019 amends section 115R of the Income-tax Act, exempting specified Mutual Funds from additional income tax on income distributed from transactions on recognized stock exchanges in International Financial Services Centres, effective September 1, 2019. It introduces definitions for 'specified Mutual Fund,' 'unit,' 'convertible foreign exchange,' and 'International Financial Services Centre.' A specified Mutual Fund is one located in an International Financial Services Centre, deriving income in convertible foreign exchange, with all units held by non-residents. The amendment aims to facilitate tax exemptions for these funds under specified conditions.
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