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of <h1>Income from Business Trusts Under Section 56(2)(xii) of Income Tax Act: New Calculation Method Effective April 2024.</h1> Income to a unit holder from a business trust is addressed under Section 56(2)(xii) of the Income Tax Act, as amended by the Finance Act, 2023, effective April 1, 2024. This section specifies that any specified sum received by a unit holder from a business trust is calculated using the formula: Specified sum = A - B - C, where A is the total sum distributed by the trust, excluding certain non-taxable income, B is the issuance amount of the unit, and C is any amount previously taxed under this clause. If B and C exceed A, the specified sum is deemed zero.
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