Section 29 - Amendment of section 115R - Finance (No. 2) Act, 2004

29. Amendment of section 115R.- In section 115R of the Income-tax Act, in sub-section (2),- (a) for the words "at the rate of twelve and one-half per cent.:" , the following shall be substituted with effect from the 9th day of July, 2004, namely:- "at the rate of- (i) twelve and one-half per cent. on income distributed to any person being an individual or a Hindu undivided family; and (ii) twenty per cent. on income distributed to any other person:"; (b) in the proviso, the words, figures and letters "for a period of one year commencing from the 1st day of April, 2003" shall be omitted.