Section 115R of ITA, 1961 : Section 115R: Tax On Distributed Income To Unit Holders
ITA, 1961
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Explanation using Example
Imagine a scenario where a Mutual Fund company, "Prosperity Funds," decides to distribute a part of its profits to its unit holders. This distribution is known as "income distribution." For the financial year, the mutual fund has three types of funds: an equity-oriented fund, a money market mutual fund, and a debt fund.
Under Section 115R of the Income-tax Act, 1961, "Prosperity Funds" must pay an additional income-tax on the distributed income. The rates are as follows:
- For the equity-oriented fund, if they distribute income to their unit hol...
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