115BBB. [ Tax on income from units of an open-ended equity oriented fund of the Unit Trust of India or of Mutual Funds. [ Inserted by Act 20 of 2002, Section 49 (w.e.f. 1.4.2003).]
(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 to section 115-T.] [Substituted by Act 32 of 1994, Section 32, for sub-Section (1) (w.e.f. 1.4.1995).]
