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TypeBare Act JurisdictionCentral Government

Finance Act, 2003 Section 56

Amendment of Section 115r

~1 min read
https://sooperkanoon.com/act/9279

Bare act section · Research

About this section

Finance Act, 2003 Section 56 is part of Finance Act, 2003 - Amendment of Section 115r. Read the section text below and explore Indian court judgments that cite it.

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Section Text

In section 115R of the Income-tax Act, for sub-section (2), the following shall be substituted, namely:--

'(2) Notwithstanding anything contained in any other provision of this Act, 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 income-tax on such distributed income at the rate of twelve and one-half per cent.:

Provided that nothing contained in this sub-section shall apply in respect of any income distributed,--

(a) by the Administrator of the specified undertaking, to the unit holders; or

(b) to a unit holder of open-ended equity oriented funds in respect of any distribution made from such funds for a period of one year commencing from the 1st day of April, 2003.

Explanation.--For the purposes of this sub-section, "Administrator" and "specified company" shall have the meanings respectively assigned to them in the Explanation to clause (35) of section 10.'.

Frequently asked questions

What does Finance Act, 2003 Section 56 provide?

Section Section 56 of the Finance Act, 2003 (Amendment of Section 115r) is reproduced on this page as part of the Finance Act, 2003. 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, 2003 Section 56?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2003 Section 56. 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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