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of <h1>Section 164A: Oral Trusts Taxed at Maximum Marginal Rate; Written Statement Required Within Three Months for Compliance.</h1> Section 164A of the Income Tax Act addresses the taxation of oral trusts, which are trusts not declared by a written instrument, including wakf deeds under the Mussalman Wakf Validating Act, 1913. Income received by a trustee for an oral trust is taxed at the maximum marginal rate. An oral trust can be considered as declared by a written instrument if a written statement detailing the trust's purposes, trustees, beneficiaries, and property is submitted to the assessing officer within three months of the trust's declaration.
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