Section 42 - Amendment of section 115R - Finance Act, 2018

Amendment of section 115R 42 . In section 115R of the Income-tax Act, in sub-section (2), (A) for clause (i) to clause (iii), the following clauses shall be substituted, namely:- (i) twenty-five per cent. on income distributed to any person being an individual or a Hindu undivided family by a money market mutual fund or a liquid fund; (ii) thirty per cent. on income distributed to any other person by a money market mutual fund or a liquid fund; (iii) ten per cent. on income distributed to any person by an equity oriented fund; (iv) twenty-five per cent. on income distributed to any person being an individual or a Hindu undivided family by a fund other than a money market mutual fund or a liquid fund or an equity oriented fund; and (v) thirty per cent. on income distributed to any other person by a fund other than a money market mutual fund or a liquid fund or an equity oriented fund: ; (B) in the second proviso, clause (b) shall be omitted.