Tax on distributed income to unit holders

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.... nothing contained in this sub-section shall apply in respect of any income distributed to a unit holder of open-ended equity oriented funds in respect of any distribution made from such fund for a period of three years commencing from the 1st day of April, 1999. ^4[(2) Notwithstanding anything contained in any other provision of this Act, any amount of income distributed by the specified company or a Mutual Fund to its unit holders ^24[on or before the 31st day of March, 2020] shall be chargeable to tax and such specified company or Mutual Fund shall be liable to pay additional income-tax on such distributed income ^5[at the rate of- ^19[(i) twenty-five per cent. on income distributed to any person being an individual or a Hind....

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....tre and where the Consideration for such transaction is paid or payable in convertible foreign exchange:] ^16[Explanation.-For the purposes of this sub-section,- (i) "administrator" and "specified company" shall have the meanings respectively assigned to them in the Explanation to clause (35) of section 10; ^22[(ia) "convertible foreign exchange" means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 (42 of 1999) and the rules made thereunder;] (ii) "infrastructure debt fund scheme" shall have the same meaning as assigned to it in clause (1) of regulation 49L of the Securities and Excha....

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....r. (3A) ^18[****] (4) No deduction under any other provision of this Act shall be allowed to the Unit Trust of India or to a Mutual Fund in respect of the income which has been charged to tax under sub-section (1) or sub-section (2).     **************** NOTES:- 1. Inserted vide Section 61 of the Finance Act, 1999 w.e.f. 01-06-1999 2. Substituted vide Section 54 of the Finance Act, 2002 w.e.f. 01-04-2003 before it was read as, "any amount of income distributed by the Unit Trust of India to its unit-holders" 3. Substituted vide Section 57 of the Finance Act, 2001 w.e.f. 01-06-2001 before it was read as, "twenty" Earlier, Substituted vide Section 55 of the Finance A....

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....her person:" 7. Omitted vide Section 26 of the Finance Act, 2006 w.e.f. 01-06-2006 before it was read as, "open-ended" 8. Omitted vide Section 29 of the Finance (No. 2) Act, 2004 w.e.f. 01-04-2003 before it was read as, "for a period of one year commencing from the 1st day of April, 2003" 9. Inserted vide Section 55 of the Finance Act, 2000 w.e.f. 01-06-2000 10. Substituted vide Section 21 of the Finance Act, 2011 w.e.f. 01-06-2011 before it was read as, "income distributed" 11. Inserted vide Section 21 of the Finance Act, 2011 w.e.f. 01-06-2011 12. Substituted vide Section 21 of the Finance Act, 2011 w.e.f. 01-06-2011 before it was read as, "twenty per cent" 13. Substituted ....