{"act":{"id":"finance-act-2018","short_title":"The Finance Act, 2018","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2018-2019.","act_number":"13","act_year":2018,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":227,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2018/"},"unit":"section","section":{"number":"42","heading":"Amendment of section 115R","text":"Amendment of section 115R. 42. In section 115R of the Income-tax Act, in sub-section (2),— (A) | for clause (i) to clause (iii), the following clauses shall be substituted, namely:— \"(i) | twenty-five per cent on income distributed to any person being an individual or a Hindu undivided family by a money market mutual fund or a liquid fund; (ii) | thirty per cent on income distributed to any other person by a money market mutual fund or a liquid fund; (iii) | ten per cent on income distributed to any person by an equity oriented fund; (iv) | twenty-five per cent on income distributed to any person being an individual or a Hindu undivided family by a fund other than a money market mutual fund or a liquid fund or an equity oriented fund; and (v) | thirty per cent on income distributed to any other person by a fund other than a money market mutual fund or a liquid fund or an equity oriented fund:\"; (B) | in the second proviso, clause (b) shall be omitted.","html":"<p><b> Amendment of section 115R.</b></p><p><b> 42.</b> In section 115R of the Income-tax Act, in sub-section (2),—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>for clause (<i>i</i>) to clause (<i>iii</i>), the following clauses shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>i</i>)</td><td></td><td>twenty-five per cent on income distributed to any person being an individual or a Hindu undivided family by a money market mutual fund or a liquid fund;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>thirty per cent on income distributed to any other person by a money market mutual fund or a liquid fund;</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>ten per cent on income distributed to any person by an equity oriented fund;</td></tr><tr><td>(<i>iv</i>)</td><td></td><td>twenty-five per cent on income distributed to any person being an individual or a Hindu undivided family by a fund other than a money market mutual fund or a liquid fund or an equity oriented fund; and</td></tr><tr><td>(<i>v</i>)</td><td></td><td>thirty per cent on income distributed to any other person by a fund other than a money market mutual fund or a liquid fund or an equity oriented fund:\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>B</i>)</td><td></td><td>in the second proviso, clause (<i>b</i>) shall be omitted.</td></tr></table></div>","words":178,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2018/section/42/","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."}