Trustee liability for oral trusts: trustees taxable on income received for beneficiaries, subject to formalisation and reporting requirements. The amendment adds clause (v) to section 160(1) making trustees of oral trusts liable in respect of income received on behalf of beneficiaries; Explanation 1 deems a non written trust to be declared by a written instrument if trustees forward a signed written statement detailing purpose, trustees, beneficiaries and trust property to the Income tax Officer within prescribed time limits; Explanation 2 defines 'oral trust' as a trust not declared by a written instrument and not covered by the deeming provision.