Section 53 - Amendment of Act 52 of 1963 - Finance Act, 1966

53. Amendment of Act 52 of 1963 In section 32 of the Unit Trust of India Act, 1963- (a) in sub-section (1), for clause (b) and the Explanation, the following clause and Explanation shall be substituted, namely:- '(b) where in the case of a unit-holder, being an individual, the income in respect of units received by him from the Trust during the previous year does not exceed one thousand rupees, such income, and where such income exceeds one thousand rupees, a sum of one thousand rupees, shall not be included in computing his total income of that year under the Income-tax Act, 1961(43 of 1961). Explanation.-In this clause, previous year has the same meaning as in the Income-tax Act, 1961(43 of 1961);'; (b) in sub-section (2), for clause (c), the following clause shall be substituted, namely:- (c) where in the case of a unit-holder, being an individual who is not resident in India, the income in respect of units receivable by him from the Trust during the financial year- (i) does not exceed one thousand rupees, no deduction of income-tax shall be made by the Trust from the income distributed to him: (ii) exceeds one thousand rupees, deduction of income-tax shall be made by the Trust from the whole of the income distributed to him at the rate of fifteen per cent. of such income. .