- In section 115R of the Income-tax Act, in sub-section (2), with effect from the 1st day of June, 2013,-(a)in clause (ii), for the words "twelve and one-half per cent.", the words "twenty-five per cent." shall be substituted;(b)after sub-clause (iii) and before the proviso, the following proviso shall be inserted, namely:-"Provided that where any income is distributed by a Mutual Fund under an infrastructure debt fund scheme to a non-resident (not being a company) or a foreign company, the Mutual Fund shall be liable to pay additional income-tax at the rate of five per cent, on income so distributed:";(c)in the proviso, for the words "Provided that ", the words "Provided further that" shall be substituted;(d)for the Explanation, the following Explanation shall be substituted, namely:-'Explanation. - For the purposes of this sub-section,-(i)"administrator" and "specified company" shall have the meanings respectively assigned to them in the Explanation to clause (35) of section 10;(ii)"infrastructure debt fund scheme" shall have the same meaning as assigned to it in clause (I) of regulation 49L of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 made under the Securities and Exchange Board of India Act, 1992.'.
