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Amendment of section 115R

Amendment of section 115R :

Section – 42. In section 115R of the Income-tax Act, in sub-section (2),—

(A) for clause (i) to clause (iii), the following clauses shall be substituted, namely:—
“(i) twenty-five per cent on income distributed to any person being an individual or a Hindu undivided family by a money market mutual fund or a liquid fund;
(ii) thirty per cent on income distributed to any other person by a money market mutual fund or a liquid fund;
(iii) ten per cent on income distributed to any person by an equity oriented fund;
(iv) twenty-five per cent on income distributed to any person being an individual or a Hindu undivided family by a fund other than a money market mutual fund or a liquid fund or an equity oriented fund; and
(v) thirty per cent on income distributed to any other person by a fund other than a money market mutual fund or a liquid fund or an equity oriented fund:”;
(B) in the second proviso, clause (b) shall be omitted.

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