Section 21 - Amendment of section 115R. - Finance Act, 2011

Amendment of section 115R. 21.In section 115R of the Income-tax Act, in sub-section (2), with effect from the 1st day of June, 2011, (a) in clause (i), for the words income distributed , the words income distributed to any person being an individual or a Hindu undivided family shall be substituted; (b) after clause (i), the following clause shall be inserted, namely: (ia) thirty per cent on income distributed to any other person by a money market mutual fund or a liquid fund; ; (c) in clause (iii), for the words twenty per cent , the words thirty per cent shall be substituted.