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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Taxation of AIFs as Non-Charitable Trusts Clarified, Trustees Taxed as Representative Assessee u/ss 161(1A) & 164.</h1> The circular clarifies the taxation of Alternative Investment Funds (AIFs) structured as non-charitable trusts under the Income-tax Act, 1961. AIFs are categorized by SEBI into three types, and many are set up as non-charitable trusts. For AIFs where investors' names and beneficial interests are not specified in the trust deed, the income is taxed at the Maximum Marginal Rate in the hands of the trustees as 'Representative Assessee' under section 164. If beneficiaries and their interests are specified, the income is taxed similarly under section 161(1A). This clarification does not apply in jurisdictions with contrary High Court decisions.
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