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of <h1>Amendment to Section 115R: 12.5% tax on income distributed by specified companies or Mutual Funds, with certain exemptions.</h1> Section 115R of the Income-tax Act has been amended to impose a tax on income distributed by specified companies or Mutual Funds to unit holders. These entities are required to pay an additional income tax at a rate of 12.5% on such distributed income. However, this tax does not apply to income distributed by the Administrator of a specified undertaking to unit holders or to distributions from open-ended equity-oriented funds for one year starting April 1, 2003. Definitions for 'Administrator' and 'specified company' are provided in the Explanation to clause (35) of section 10.
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