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of <h1>New Tax Rules for Trusts: Section 115TD Targets Accreted Income, Imposes Penalties for Non-Compliance and Late Payment</h1> The Finance Bill, 2016 introduces Chapter XII-EB to the Income-tax Act, imposing a tax on accreted income of certain trusts and institutions. Under Section 115TD, trusts registered under Section 12AA face taxation on accreted income if they convert to ineligible forms, merge with non-similar entities, or fail to transfer assets upon dissolution. The accreted income is calculated as the excess of asset value over liabilities. Section 115TE mandates interest for late tax payment, while Section 115TF deems non-compliant trusts as assessees in default, subjecting them to recovery provisions. These rules take effect from June 1, 2016.
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