Business trust definition expanded to include listed InvITs and REITs, altering tax classification and related deduction rules. Section 2 is amended to redefine business trust as a trust registered as an Infrastructure Investment Trust or a Real Estate Investment Trust with units required to be listed on a recognised stock exchange; to add 'yoga' as a charitable purpose and limit charitable status for public utility activities that involve trade or fees unless those activities are in actual furtherance and their receipts do not exceed twenty per cent of total receipts; to treat rates in force for section 194LBA as those in the Finance Act; and to include prior holding in a consolidating mutual fund for computing the holding period of a short-term capital asset acquired under section 47(xviii).
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Business trust definition expanded to include listed InvITs and REITs, altering tax classification and related deduction rules.
Section 2 is amended to redefine business trust as a trust registered as an Infrastructure Investment Trust or a Real Estate Investment Trust with units required to be listed on a recognised stock exchange; to add "yoga" as a charitable purpose and limit charitable status for public utility activities that involve trade or fees unless those activities are in actual furtherance and their receipts do not exceed twenty per cent of total receipts; to treat rates in force for section 194LBA as those in the Finance Act; and to include prior holding in a consolidating mutual fund for computing the holding period of a short-term capital asset acquired under section 47(xviii).
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
