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TMI BlogAmendment of section 115R.X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax shall be chargeable in respect of any amount of income distributed on or after the 1st day of September, 2019 by a specified Mutual Fund, out of its income derived from transactions made on a recognised stock exchange located in any International Financial Services Centre: ; (B) in the Explanation,- (a) after clause (i), the following clause shall be inserted, namely: (ia) convertible foreig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reign exchange; (c) of which all the units are held by non-residents; (vi) unit means beneficial interest of an investor in the fund; . Note: While Passing the bill in the Loksabha as on 18-7-2019, the following amendments were made: Clause 37 Amendments made: Page 15, for line 36, substitute International Financial Services Centre and where the consideration for such transaction is paid or payabl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the Explanation,- (a) after clause (i), the following clause shall be inserted, namely: (ia) convertible foreign exchange means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999(42 of 1999.) and the rules made thereunder; ; (b) after clause (ii), the following clauses sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vides that any amount of income distributed by the specified company or a Mutual Fund to its unit holders shall be chargeable to tax and such specified company or Mutual Fund shall be liable to pay additional incometax on such distributed income. It is proposed to amend the said sub-section by inserting a proviso so as to provide that no additional income-tax shall be chargeable in respect of any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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