Tax on income distributed by mutual fund or life insurer.

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....distributed or paid to the unit holders of equity oriented fund.     (2) Every life insurer shall be liable to pay tax on any amount of income, computed in the manner prescribed, distributed or paid to the policy holders of an approved equity oriented life insurance scheme.     (3) The tax on the distributed income shall be charged at the rate specified in Parag....

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.... as the final payment of tax in respect of income distributed or paid and no further credit shall be claimed by the mutual fund or the life insurer or by any other person in respect of the tax so paid.     (7) If the mutual fund or the life insurer or the person responsible for making payment of the distributed income on its behalf, as the case may be, does not pay the tax in acc....

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....e on which the tax is actually paid.     (9) In this section,—       (a) "equity oriented fund" means a fund where more than sixty-five per cent. of total proceeds of such fund are invested by way of equity shares in domestic companies;       (b) "approved equity oriented life insurance scheme" means—   &nbs....