Amendment of section 115R.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....; (b) after clause (i), the following clause shall be inserted, namely:- "(ia) thirty per cent. on income distributed to any other person by a money market mutual fund or a liquid fund;"; (c) in clause (iii), for the words "twenty per cent.", the words "thirty per cent." shall be substituted. - Clause 20 of the Bill seeks to amend section 115R of the Income-tax Act relating to tax on d....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....o amend clause (i) of sub-section (2) of the aforesaid section to specifically provide that additional income-tax at the rate of twenty-five per cent shall be leviable on any income distributed to an individual or a Hindu undivided family by a money market mutual fund or a liquid fund. It is further proposed to insert a new clause (ia) after clause (i) in sub-section (2) of the aforesaid sectio....