Tax on income of investment fund and its unit holders

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....by him. (2) Where in any previous year, the net result of computation of total income of the investment fund [without giving effect to the provisions of clause (23FBA) of section 10] is a loss under any head of income and such loss cannot be or is not wholly set-off against income under any other head of income of the said previous year, then,- 2[(i) out of such loss, the loss arising to the investment fund as a result of the computation under the head "Profits and gains of business or profession", if any, shall be,-- (a) allowed to be carried forward and it shall be set off by the investment fund in accordance with the provisions of Chapter VI; and (b) ignored for the purposes of sub-section (1); (ii) the loss other than the loss ....

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....inance Act of the relevant year, where such fund is a company or a firm; or (ii) at maximum marginal rate in any other case. (5) The provisions of Chapter XII-D or Chapter XII-E shall not apply to the income paid by an investment fund under this Chapter. (6) The income accruing or arising to, or received by, the investment fund, during a previous year, if not paid or credited to the person referred to in sub-section (1), shall subject to the provisions of sub-section (2), be deemed to have been credited to the account of the said person on the last day of the previous year in the same proportion in which such person would have been entitled to receive the income had it been paid in the previous year. (7) The person responsible for cred....