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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.
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