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of <h1>New Tax Rules for Trusts: Sections 115TD to 115TF Target Accreted Income and Exit Tax Obligations</h1> Sections 115TD to 115TF of the Income Tax Act address the taxation of accreted income for certain trusts and institutions. Accreted income is taxed when a trust or institution registered under sections 12AA/12AB or 10(23C) undergoes conversion, merger, or fails to distribute assets upon dissolution. The tax rate is the marginal rate of 39.44%. Accreted income is calculated as the fair market value of assets minus liabilities on the specified date. Exit tax is payable within 14 days of conversion, merger, or failure to transfer assets, with interest applied for late payment. Trustees or transferees may be deemed in default if taxes are unpaid.
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