TaxTMI 
TaxTMI 
Amendment of section 115R.
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....at no additional income-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, nam....
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.... any International Financial Services Centre; (b) deriving income 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 ....
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.... income derived from transactions made on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid 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....
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.... x x x x x (c) (b) of which all the units are held by non-residents; (vi) "unit" means beneficial interest of an investor in the fund;'. - Clause 37 of the Bill seeks to amend section 115R of the Income tax Act relating to tax on distributed income to unit holders. Sub-section (2) of the said section, inter alia, provides that any amount of income distributed by the....