Business Trust unit income receives no withholding where prescribed income conditions apply and the special purpose vehicle makes no option.

No deduction of tax at source applies to specified income from units of a Business Trust otherwise covered by the withholding provision for distributions payable to non-residents. The treatment requires that the income fall within the prescribed Schedule V category and that the relevant Special Purpose Vehicle has not exercised the option under section 200. The exemption applies only where the payment is income from Business Trust units and each prescribed condition is satisfied.

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