Insertion of new Chapter XII-E

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.... 115R. Tax on distributed income to unit holders. (1) Notwithstanding anything contained in any other provisions of this Act and section 32 of the Unit Trust of India Act, 1963 (52 of 1963), any amount of income distributed by the Unit Trust of India to its unit holders shall be chargeable to tax and the Unit Trust of India shall be liable to pay additional income-tax on such distribu....

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....m such fund for a period of three years commencing from the 1st day of April, 1999. (3) The person responsible for making payment of the income distributed by the Unit Trust of India or a Mutual Fund and the Unit Trust of India or the Mutual Fund, as the case may be, shall be liable to pay tax to the credit of the Central Government within fourteen days from the date of distribution or pa....

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....f on the amount of such tax for the period beginning on the date immediately after the last date on which such tax was payable and ending with the date on which the tax is actually paid. 115T. Unit trust of india or mutual fund to be assessee in default.- If any person responsible for making payment of the income distributed by the Unit Trust of India or a Mutual Fund and the Uni....