Pass-through taxation of securitisation trust income taxed in hands of investor as if held directly. Income from securitisation trusts is taxed on a pass-through basis: an investor is taxable on income received or accruing from the trust as if the investor had made the underlying investments directly. Income retains the same nature and proportion in the investor's hands as in the trust. Income not paid or credited during the tax year is deemed credited to the investor on the last day of that year in the investor's entitlement proportion. The trust and the person making payments must furnish prescribed statements to the investor and income-tax authority.