TaxTMI 
TaxTMI 
TaxTMI 
Tax on income of investment fund and its unit holders.
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....f an investment fund, out of investments made in the investment fund, receives any income or any income accrues or arises to him, such income shall be chargeable to income-tax in the same manner as if, it were the income accruing or arising to, or received by, such person, had the investments made by the investment fund been made directly by him. (2) Where in any tax year, the net result of compu....
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.... unit which has not been held by the unit holder for at least twelve months. (3) The loss other than the loss under the head "Profits and gains of business or profession", if any, accumulated at the level of investment fund as on the 31st March, 2019, shall be- (a) deemed to be the loss of a unit holder who held the unit on the 31st March, 2019 in respect of the investments made by him in the i....
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....income of the investment fund shall be charged to tax- (a) at the rate or rates as specified in the Finance Act of the relevant year, where such fund is a company or a firm; or (b) at maximum marginal rate, in any other case. (7) The income accruing or arising to, or received by, the investment fund, during a tax year, if not paid or credited to the person referred to in sub-section (1), shal....
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....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 tax year and such other relevant details, as may be prescribed. (10) For the purposes of this section,- (a) "investment fund" means any fund established or incorporated in India ....