Insertion of new section 115BBB
Section 49 of the Finance Act, 2002 deals with insertion of new section 115BBB. 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.
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.’.
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Section 49, The Finance Act, 2002.
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Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
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Questions about Section 49
What does Section 49 of the Finance Act deal with?
Section 49 of the Finance Act is headed "Insertion of new section 115BBB". 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.
How do I find court cases under Section 49 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2002 49, section 49 Finance Act 2002, section 49 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 49 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 115BBA (Tax on non-resident sportsmen or sports associations), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2002. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule5753 words
- 4. Amendment of section 102120 words
- 2. Income-tax1821 words
- 60. Amendment of section 143781 words
- 21. Substitution of new section for section 43A780 words
- 57. Substitution of new section for section 132B724 words
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