1. Search Case laws by Section / Act / Rule — now available beyond Income Tax. GST and Other Laws Available
2. New: “In Favour Of” filter added in Case Laws.
Try both these filters in Case Laws →
TaxTMI Login
🚀 New: Section-Wise Filter ✕
Just a moment...
1. Search Case laws by Section / Act / Rule — now available beyond Income Tax. GST and Other Laws Available
2. New: “In Favour Of” filter added in Case Laws.
Try both these filters in Case Laws →
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Amendment to Section 161: Representative Assessees' Income Taxed at Maximum Rate, Exemptions for Certain Trusts Established by Will.</h1> Section 161 of the Income-tax Act is amended to include a new sub-section (1A), effective April 1, 1985. This amendment mandates that income, including business profits and gains, for which a representative assessee is liable, shall be taxed at the maximum marginal rate. However, this provision does not apply if the income is from a trust established by a will for the exclusive benefit of a dependent relative, provided it is the only such trust declared by the individual. The term 'maximum marginal rate' is defined as per Explanation 2 of sub-section (3) of section 164.
TaxTMI 
TaxTMI 
