{"act":{"id":"finance-act-2003","short_title":"The Finance Act, 2003","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2003-2004.","act_number":null,"act_year":2003,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":108,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2003/"},"unit":"section","section":{"number":"56","heading":"Amendment of section 115R","text":"Amendment of section 115R. 56. In section 115R of the Income-tax Act, for sub-section (2), the following shall be substituted, namely :— ‘(2) Notwithstanding anything contained in any other provision of this Act, 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 income-tax on such distributed income at the rate of twelve and one-half per cent : Provided that nothing contained in this sub-section shall apply in respect of any income distributed,— (a ) by the Administrator of the specified undertaking, to the unit holders; or (b ) to a unit holder of open-ended equity oriented funds in respect of any distribution made from such funds for a period of one year commencing from the 1st day of April, 2003. Explanation.—For the purposes of this sub-section, \"Administrator\" and \"specified company\" shall have the meanings respectively assigned to them in the Explanation to clause (35) of section 10.’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 115R. </b></p><p><b>56.</b> In section 115R of the Income-tax Act, for sub-section (2), the following shall be substituted, namely :—</p><p>‘(2) Notwithstanding anything contained in any other provision of this Act, 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 income-tax on such distributed income at the rate of twelve and one-half per cent :</p><p><b>Provided</b> that nothing contained in this sub-section shall apply in respect of any income distributed,—</p><p>(<i>a</i> ) by the Administrator of the specified undertaking, to the unit holders; or</p><p>(<i>b</i> ) to a unit holder of open-ended equity oriented funds in respect of any distribution made from such funds for a period of one year commencing from the 1st day of April, 2003.</p><p><i>Explanation.</i>—For the purposes of this sub-section, \"Administrator\" and \"specified company\" shall have the meanings respectively assigned to them in the <i>Explanation</i> to clause (<i>35</i>) of section 10.’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":179,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2003/section/56/","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."}