Amendment of section 115UB

In force As on 07 Oct 2026

Ministry Finance Cited by 1 provision

Section 38 of the Finance Act, 2019 (No. 2) deals with amendment of section 115UB. Amendment of section 115UB 38. In section 115UB of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2020,— (a) | for clauses (i) and (ii), the following clauses shall be substituted, namely:— '(i) | out of such loss, the loss arising to the investment fund as a result o

Amendment of section 115UB
38. In section 115UB of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2020,—
(a) for clauses (i) and (ii), the following clauses shall be substituted, namely:—
'(i) out of such loss, the loss arising to the investment fund as a result of the computation under the head "Profits and gains of business or profession", if any, shall be,—
(a) allowed to be carried forward and it shall be set off by the investment fund in accordance with the provisions of Chapter VI; and
(b) ignored for the purposes of sub-section (1);
(ii) the loss other than the loss referred to in clause (i), if any, shall also be ignored for the purposes of sub-section (1), if such loss has arisen in respect of a unit which has not been held by the unit holder for a period of atleast twelve months.';
(b) after sub-section (2), the following sub-section shall be inserted, namely:—
'(2A) The loss other than the loss under the head "Profits and gains of business or profession", if any, accumulated at the level of investment fund as on the 31st day of March, 2019, shall be,—
(i) deemed to be the loss of a unit holder who held the unit on the 31st day of March, 2019 in respect of the investments made by him in the investment fund, in the same manner as provided in sub-section (1); and
(ii) allowed to be carried forward by such unit holder for the remaining period calculated from the year in which the loss had occurred for the first time taking that year as the first year and shall be set off by him in accordance with the provisions of Chapter VI:
Provided that the loss so deemed under this sub-section shall not be available to the investment fund on or after the 1st day of April, 2019.'.
Section 38, The Finance Act, 2019 (No. 2).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

Income-tax Act s. 115UB Tax on income of investment fund and its unit holders

Referred to by 1

s. First Schedule Income-tax

Questions about Section 38

What does Section 38 of the Finance Act, 2019 (No. 2) deal with?

Section 38 of the Finance Act, 2019 (No. 2) is headed "Amendment of section 115UB". Amendment of section 115UB 38. In section 115UB of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2020,— (a) | for clauses (i) and (ii), the following clauses shall be substituted, namely:— '(i) | out of such loss, the loss arising to the investment fund as a result o

How do I find court cases under Section 38 of the Finance Act, 2019 (No. 2)?

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, 2019 (No. 2) 38, section 38 Finance Act, 2019 (No. 2), section 38 of the Finance Act, 2019 (No. 2). 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 38 of the Finance Act, 2019 (No. 2), and has it changed?

Its own text turns on Income-tax Act 115UB (Tax on income of investment fund and its unit holders), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act, 2019 (No. 2) enacted?

Finance Act, 2019 (No. 2) was enacted in 2019. India Code records no commencement date for it. It is in force as at the date shown on this page.

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(a)		allowed to be carried forward and it shall be set off by the investment fund in accordance with the provisions of Chapter VI; and
(b)		ignored for the purposes of sub-section (1);

(b)		after sub-section (2), the following sub-section shall be inserted, namely:—
		'(2A) The loss other than the loss under the head "Profits and gains of business or profession", if any, accumulated at the level of investment fund as on the 31st day of March, 2019, shall be,—

(i)		deemed to be the loss of a unit holder who held the unit on the 31st day of March, 2019 in respect of the investments made by him in the investment fund, in the same manner as provided in sub-section (1); and
(ii)		allowed to be carried forward by such unit holder for the remaining period calculated from the year in which the loss had occurred for the first time taking that year as the first year and shall be set off by him in accordance with the provisions of Chapter VI: