Amendment of section 115R
Section 56 of the Finance Act, 2003 deals with amendment of section 115R. 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
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.’.
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Section 56, The Finance Act, 2003.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 56
What does Section 56 of the Finance Act deal with?
Section 56 of the Finance Act is headed "Amendment of section 115R". 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
How do I find court cases under Section 56 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 2003 56, section 56 Finance Act 2003, section 56 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 56 of the Finance Act, and has it changed?
Its own text turns on section 10 (Amendment of section 11), Income-tax Act 115R (Tax on distributed income to unit holders), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2003. 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 Schedule5940 words
- 2. Income-tax2243 words
- 6. Amendment of section 101472 words
- 40. Insertion of new section 80-IC1270 words
- 99. Insertion of Thirteenth and Fourteenth Schedules1215 words
- 65. Insertion of new sections 153A, 153B and 153C977 words
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