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TypeBare Act JurisdictionCentral Government

Finance Act, 2002 Section 49

INSERTION OF NEW SECTION 115-BBB - AfterSection 115-BBA of the Income Tax Act-, the following section shall be inserted

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https://sooperkanoon.com/act/250247

Bare act section · Research

About this section

Finance Act, 2002 Section 49 is part of Finance Act, 2002 - INSERTION OF NEW SECTION 115-BBB - AfterSection 115-BBA of the Income Tax Act-, the following section shall be inserted. Read the section text below and explore Indian court judgments that cite it.

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Section Text

1) Where the total income of an assessee includes any income from units of an open-ended equity oriented fund of the Unit Trust of India or of a Mutual Fund, the income tax payable shall be the aggregate of-

(a) the amount of income tax calculated on income from units of an-open- ended equity oriented fund of the Unit Trust of India or of a Mutual Fund, at the rate of ten per cent; and (b) the amount of income tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (a).

(2) Nothing contained in sub-section (1) shall apply in relation to any income from units of an open-ended equity oriented fund of the Unit Trust of India or of the Mutual Fund arising after the 31st day of March, 2003.

Explanation.-For the purposes of this section, the expressions "Mutual Fund", "open-ended equity oriented fund" and "Unit Trust of India" shall have the meanings respectively assigned to them in the

Explanation toSection 115-T-.'.

Frequently asked questions

What does Finance Act, 2002 Section 49 provide?

Section Section 49 of the Finance Act, 2002 (INSERTION OF NEW SECTION 115-BBB - AfterSection 115-BBA of the Income Tax Act-, the following section shall be inserted) is reproduced on this page as part of the Finance Act, 2002. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 2002 Section 49?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2002 Section 49. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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