Amendment of section 115R.

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....tax shall be chargeable in respect of any amount of income distributed on or after the 1st day of September, 2019 by a specified Mutual Fund, out of its income derived from transactions made on a recognised stock exchange located in any International Financial Services Centre:"; (B) in the Explanation,- (a) after clause (i), the following clause shall be inserted, namely:-- '(ia) "convertible ....

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....me solely in convertible foreign exchange; (c) of which all the units are held by non-residents; (vi) "unit" means beneficial interest of an investor in the fund;'. Note: While Passing the bill in the Loksabha as on 18-7-2019, the following amendments were made: Clause 37 Amendments made: Page 15, for line 36, substitute 'International Financial Services Centre and where the considerat....

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....id or payable in convertible foreign exchange:"; (B) in the Explanation,- (a) after clause (i), the following clause shall be inserted, namely:-- '(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....

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.... distributed income to unit holders. Sub-section (2) of the said section, inter alia, provides that any amount of income distributed by the specified company or a Mutual Fund to its unit holders shall be chargeable to tax and such specified company or Mutual Fund shall be liable to pay additional incometax on such distributed income. It is proposed to amend the said sub-section by inserting a pr....