Insertion of new Chapter XII-FB- Tax on income of investment fund and its unit holders

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....OME OF INVESTMENT FUNDS AND INCOME RECEIVED FROM SUCH FUNDS Tax on income of investment fund and its unit holders 115UB. (1) Notwithstanding anything contained in any other provisions of this Act and subject to the provisions of this Chapter, any income accruing or arising to, or received by, a person, being a unit holder of an investment fund, out of investments made in the investment fund, sha....

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....y the investment fund shall be deemed to be of the same nature and in the same proportion in the hands of the person referred to in sub-section (1), as if it had been received by, or had accrued or arisen to, the investment fund during the previous year subject to the provisions of sub-section (2). (4) The total income of the investment fund shall be charged to tax- (i) at the rate or rates as s....

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....ome on behalf of an investment fund and the investment fund shall furnish, within such time as may be prescribed, to the person who is liable to tax in respect of such income and to the prescribed income-tax authority, a statement in the prescribed form and verified in such manner, giving details of the nature of the income paid or credited during the previous year and such other relevant details,....