{"act":{"id":"finance-act-2002","short_title":"The Finance Act, 2002","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2002-2003.","act_number":null,"act_year":2002,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":124,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2002/"},"unit":"section","section":{"number":"49","heading":"Insertion of new section 115BBB","text":"Insertion of new section 115BBB. 49. After section 115BBA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2003, namely:— ‘115BBB. Tax on income from units of an open-ended equity oriented fund of the Unit Trust of India or of Mutual Funds.— (1) Where the total income of an assessee includes any income from units of an open-ended equity oriented fund of the Unit Trust of India or of a Mutual Fund, the income-tax payable shall be the aggregate of— (a ) the amount of income-tax calculated on income from units of an open-ended equity oriented fund of the Unit Trust of India or of a Mutual Fund, at the rate of ten per cent; and (b ) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (a). (2) Nothing contained in sub-section (1) shall apply in relation to any income from units of an open-ended equity oriented fund of the Unit Trust of India or of the Mutual Fund arising after the 31st day of March, 2003. Explanation .—For the purposes of this section, the expressions \"Mutual Fund\", \"open-ended equity oriented fund\" and \"Unit Trust of India\" shall have the meanings respectively assigned to them in the Explanation to section 115T.’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Insertion of new section 115BBB.</b></p><p><b>49.</b> After section 115BBA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2003, namely:—</p><p>‘115BBB. <i>Tax on income from units of an open-ended equity oriented fund of the Unit Trust of India or of Mutual Funds.— </i>(1) Where the total income of an assessee includes any income from units of an open-ended equity oriented fund of the Unit Trust of India or of a Mutual Fund, the income-tax payable shall be the aggregate of—</p><p>(<i>a</i> ) the amount of income-tax calculated on income from units of an open-ended equity oriented fund of the Unit Trust of India or of a Mutual Fund, at the rate of ten per cent; and</p><p>(<i>b</i> ) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (<i>a</i>).</p><p><span class=\"num\">(2)</span> Nothing contained in sub-section (1) shall apply in relation to any income from units of an open-ended equity oriented fund of the Unit Trust of India or of the Mutual Fund arising after the 31st day of March, 2003.</p><p><i>Explanation</i> .—For the purposes of this section, the expressions \"Mutual Fund\", \"open-ended equity oriented fund\" and \"Unit Trust of India\" shall have the meanings respectively assigned to them in the <i>Explanation</i> to section 115T.’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":235,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2002/section/49/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}