Taxation where beneficiaries unknown: income charged as association of persons or at a fixed high rate to protect revenue. Where income payable to representative assessees is not specifically receivable for identifiable beneficiaries or beneficiary shares are indeterminate, tax is charged either as if the income were the total income of an association of persons or at a prescribed fixed rate, whichever is more beneficial to revenue. Exceptions mandate association treatment where beneficiaries have no other chargeable income, the income arises under a will, the trust predates a specified date and is bona fide for dependants, or where the income funds bona fide employee benefit funds. Charitable exemptions apply before these computations.
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.
Taxation where beneficiaries unknown: income charged as association of persons or at a fixed high rate to protect revenue.
Where income payable to representative assessees is not specifically receivable for identifiable beneficiaries or beneficiary shares are indeterminate, tax is charged either as if the income were the total income of an association of persons or at a prescribed fixed rate, whichever is more beneficial to revenue. Exceptions mandate association treatment where beneficiaries have no other chargeable income, the income arises under a will, the trust predates a specified date and is bona fide for dependants, or where the income funds bona fide employee benefit funds. Charitable exemptions apply before these computations.
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