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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2020 amends Section 115UA, affecting tax treatment of distributed income under clauses 23FC and 23FCA.</h1> Clause 62 of the Finance Bill, 2020 proposes an amendment to section 115UA of the Income-tax Act, specifically in sub-section (3). The amendment involves omitting the reference to 'sub-clause (a) of' clause (23FC) from section 10. This change ensures that distributed income of the nature referred to in clause (23FC) or clause (23FCA) is deemed the income of the unit holder and taxed as such for the previous year. This amendment is effective from April 1, 2021, applicable to the assessment year 2021-2022 and subsequent years.
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