Section 73 - Amendment of Act 52 of 1963 - Finance Act, 1965

73. Amendment of Act 52 of 1963 In section 32 of the Unit Trust of India Act, 1963, - (i) in sub-section (1), for clause (b), the following clause shall be substituted, namely :- (b) where in the case of a unit holder, being an individual, the total income for any previous year as computed under the Income-tax Act, 1961 (43 of 1961), before including therein the amount of qualifying dividend - (i) does not exceed a sum of twenty thousand rupees, the qualifying dividend shall not be included in computing the total income of the unit holder for that year; (ii) exceeds a sum of twenty thousand rupees, the qualifying dividend shall be included in computing the total income of the unit holder for that year, but he shall be entitled to a deduction from the amount of income-tax payable by him of a sum calculated at the rate of twenty-five per cent. on such qualifying dividend. Explanation : In this section, qualifying dividend means, where the income received by a unit holder from the Trust in respect of units does not exceed one thousand rupees, such income, and where such income exceeds one thousand rupees, a sum of one thousand rupees.; (ii) in sub-section (2), - (a) in clause (a), the word and shall be omitted; (b) in clause (b), after the word individual , the words who is resident; and shall be inserted; (c) after clause (b), the following clause shall be inserted, namely :- (c) deduction of income-tax shall be made by the Trust from the income distributed by it to a unit holder being an individual who is not resident in India at the rate of fifteen per cent. of such income. .