# The Finance Act, 2003, Section 56: Amendment of section 115R

- Act: The Finance Act, 2003
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2003/section/56/

## 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.

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