https://www.taxtmi.com/circulars?id=52950 Where a trust deed does not name investors or specify beneficial interests, the entire income of an Alternative Investment Fund formed as a non-charitable trust is taxable in the hands of the trustees as Representative Assessee at the Maximum Marginal Rate, and corresponding proceedings need not be pursued against contributors. If beneficiaries and their interests are expressly stated, tax on the fund's whole income, including business profits, is leviable upon the trustees in their representative capacity under the statute. en-us Mon, 28 Jul 2014 00:00:00 +0530 Tue, 29 Jul 2014 12:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=52950 Where a trust deed does not name investors or specify beneficial interests, the entire income of an Alternative Investment Fund formed as a non-charitable trust is taxable in the hands of the trustees as Representative Assessee at the Maximum Marginal Rate, and corresponding proceedings need not be pursued against contributors. If beneficiaries and their interests are expressly stated, tax on the fund's whole income, including business profits, is leviable upon the trustees in their representative capacity under the statute. Circulars Income Tax Mon, 28 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/circulars?id=52950