Definition of business trust expanded to include listed InvITs and REITs, altering tax treatment and withholding coverage. The amendment defines business trust as a trust registered as an Infrastructure Investment Trust or a Real Estate Investment Trust under securities ... Summary
Definition of business trust expanded to include listed InvITs and REITs, altering tax treatment and withholding coverage.
The amendment defines business trust as a trust registered as an Infrastructure Investment Trust or a Real Estate Investment Trust under securities regulations with units required to be listed; it adds yoga to charitable purposes and restricts public-utility exemptions for activities carried on as trade or for consideration unless incidental and receipts do not exceed twenty per cent; it excludes specified government assistance from income treatment except where accounted for in asset cost; it extends withholding coverage to TDS on business trust distributions; and it includes specified periods in the holding period computation for units and shares arising on certain transfers.
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