Special purpose vehicle definition requires business trust control and prescribed ownership in an Indian company for specified tax purposes.

Special purpose vehicle means an Indian company in which a business trust holds controlling interest and any prescribed shareholding or interest required under the law or regulations governing the trust's registration. Under the Income-tax Act, 2025, this meaning applies for TDS and TCS purposes through Schedule V. The corresponding definition under the Income-tax Act, 1961 applies in relation to income distributed by a business trust under the relevant exemption provision.

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