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of <h1>Income-tax Act Chapter XII-E: 10% Tax on Distributed Income by Mutual Funds, Exemptions for Some Funds.</h1> Chapter XII-E of the Income-tax Act, effective June 1, 1999, introduces special provisions for taxing distributed income. It mandates a 10% tax on income distributed by the Unit Trust of India and Mutual Funds to unit holders, except for open-ended equity-oriented funds for three years starting April 1, 1999. The responsible entity must pay this tax within 14 days of distribution. Failure to pay results in a 2% monthly interest and classification as a default assessee. The chapter defines key terms such as 'Mutual Fund,' 'open-ended equity-oriented fund,' and 'Unit Trust of India.'
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