Income distributed by mutual funds now attracts differentiated tax rates based on fund type and recipient class. Amendment to section 115R substitutes sub section (2) clauses to prescribe percentage rates on income distributed by funds: one rate for income distributed by a money market mutual fund or liquid fund; a lower rate when income is distributed by other funds to an individual or Hindu undivided family; and a separate rate for income distributed by other funds to any other person, thereby linking applicable percentage rates to fund type and recipient class.
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Provisions expressly mentioned in the judgment/order text.
Income distributed by mutual funds now attracts differentiated tax rates based on fund type and recipient class.
Amendment to section 115R substitutes sub section (2) clauses to prescribe percentage rates on income distributed by funds: one rate for income distributed by a money market mutual fund or liquid fund; a lower rate when income is distributed by other funds to an individual or Hindu undivided family; and a separate rate for income distributed by other funds to any other person, thereby linking applicable percentage rates to fund type and recipient class.
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