Amendment of Act 52 of 1963

Section 53 of the Finance Act, 1966 deals with amendment of Act 52 of 1963. Amendment of Act 52 of 1963 53. In section 32 of the Unit Trust of India Act, 1963— (a) in sub-section (1), for clause (b) and the Explanation, the following clause and Explanation shall be substituted, namely:— '(b) where in the case of a unit-holder, being an individual, the income in respect of u The Act was enacted on 13 May 1966.

Amendment of Act 52 of 1963

53. In section 32 of the Unit Trust of India Act, 1963—

(a) in sub-section (1), for clause (b) and the Explanation, the following clause and Explanation shall be substituted, namely:—

'(b) where in the case of a unit-holder, being an individual, the income in respect of units received by him from the Trust during the previous year does not exceed one thousand rupees, such income, and where such income exceeds one thousand rupees, a sum of one thousand rupees, shall not be included in computing his total income of that year under the Income-tax Act, 1961 (43 of 1961).

Explanation.—In this clause, "previous year" has the same meaning as in the Income-tax Act, 1961 (43 of 1961);';

(b) in sub-section (2), for clause (c), the following clause shall be substituted, namely: —

"(c) where in the case of a unit-holder, being an individual who is not resident in India, the income in respect of units receivable by him from the Trust during the financial year—

(i) does not exceed one thousand rupees, no deduction of income-tax shall be made by the Trust from the income distributed to him:

(ii) exceeds one thousand rupees deduction of income-tax shall be made by the Trust from the whole of the income distributed to him at the rate of fifteen per cent of such income.".

[Finance Act, 1966]

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Section 53, The Finance Act, 1966 (Act 13 of 1966).