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of <h1>Amendment to Section 164 of Income-tax Act: Trust Income Taxed at Maximum Rate Unless Beneficiaries Meet Specific Criteria.</h1> The amendment to Section 164 of the Income-tax Act, introduced by the Finance (No. 2) Act, 1980, revises the tax treatment of trust income. Tax is now charged at the maximum marginal rate on relevant income unless beneficiaries have no other taxable income exceeding the non-taxable limit for an association of persons or are beneficiaries of another trust. For income not specifically receivable by any one person or where beneficiary shares are indeterminate, tax is calculated based on its application to charitable or non-charitable purposes. Explanations clarify when income is deemed not specifically receivable and when beneficiary shares are considered indeterminate.
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