Tax on income from securitisation trusts treated as direct income of investors, ensuring pass-through taxation for investors. Section 115TCA establishes that income from investments in a securitisation trust is taxable in the hands of the investor as if the investor had made the investments directly. Income paid or credited by the trust is to be deemed of the same nature and proportion in the investor's hands; uncredited income is deemed credited on the last day of the previous year in the investor's entitlement proportion. The trust and payment-responsible person must furnish prescribed statements to the investor and the tax authority, and amounts already included on accrual are excluded when paid later.