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of <h1>Business trusts must distribute income retaining original nature under Section 115UA with maximum marginal tax rates applying</h1> Section 115UA of the Income Tax Act establishes taxation framework for business trusts and unit holders. Income distributed by business trusts retains its original nature and proportion when received by unit holders. Business trust income is taxed at maximum marginal rates, subject to capital gains provisions. Distributed income qualifying under specific exemptions remains taxable to unit holders. Provisions exclude certain sums from pass-through treatment. Payment entities must furnish prescribed statements detailing income nature and other required information to unit holders and authorities within specified timeframes.
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