{"act":{"id":"finance-act-2013","short_title":"The Finance Act, 2013","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2013-2014.","act_number":null,"act_year":2013,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":142,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2013/"},"unit":"section","section":{"number":"32","heading":"Amendment of section 115R","text":"Amendment of section 115R. 32. In section 115R of the Income-tax Act, in sub-section (2), with effect from the 1st day of June, 2013,— (a) | in clause (ii), for the words \"twelve and one-half per cent\", the words \"twenty-five per cent\" shall be substituted; (b) | after sub-clause (iii) and before the proviso, the following proviso shall be inserted, namely:— \"Provided that where any income is distributed by a mutual fund under an infrastructure debt fund scheme to a non-resident (not being a company) or a foreign company, the mutual fund shall be liable to pay additional income-tax at the rate of five per cent on income so distributed:\"; (c) | in the proviso, for the words \"Provided that\", the words \"Provided further that\" shall be substituted; (d) | for the Explanation, the following Explanation shall be substituted, namely:— 'Explanation.—For the purposes of this sub-section,— (i) | \"administrator\" and \"specified company\" shall have the meanings respectively assigned to them in the Explanation to clause (35) of section 10; (ii) | \"infrastructure debt fund scheme\" shall have the same meaning as assigned to it in clause (1) of regulation 49L of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992).'. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 115R.</b></p><p><b>32.</b> In section 115R of the Income-tax Act, in sub-section (2), with effect from the 1st day of June, 2013,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in clause (<i>ii</i>), for the words \"twelve and one-half per cent\", the words \"twenty-five per cent\" shall be substituted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>after sub-clause (<i>iii</i>) and before the proviso, the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided</b> that where any income is distributed by a mutual fund under an infrastructure debt fund scheme to a non-resident (not being a company) or a foreign company, the mutual fund shall be liable to pay additional income-tax at the rate of five per cent on income so distributed:\";</td></tr><tr><td>(<i>c</i>)</td><td></td><td>in the proviso, for the words \"Provided that\", the words \"Provided further that\" shall be substituted;</td></tr><tr><td>(<i>d</i>)</td><td></td><td>for the <i>Explanation, </i>the following <i>Explanation </i>shall be substituted, namely:—</td></tr><tr><td></td><td></td><td><i>'Explanation.</i>—For the purposes of this sub-section,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>\"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;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>\"infrastructure debt fund scheme\" shall have the same meaning as assigned to it in clause (<i>1</i>) of regulation 49L of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992).'.</td></tr></table></div><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":222,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2013/section/32/","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."}