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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 115R: Additional Tax on Mutual Fund Dividends Only, Not on Redemption or Bonus Units.</h1> The circular clarifies that under Section 115R of the Income-tax Act, 1961, additional income tax is levied only on income distributed as dividends to unit holders by mutual funds or specified companies. It is not applicable to income from redemption or repurchase of units or the allotment of bonus units, as these do not constitute distributed income. The distributed income is exempt from tax under Section 10(35) unless there is a transfer of units, in which case capital gains tax may apply. The Central Board of Direct Taxes emphasizes that additional tax under Section 115R is confined to dividend distributions.
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