Insertion of new Chapter XII-EB- Tax on accreted income-Interest payable for non-payment of tax by trust or institution - When trust or institution is deemed to be assessee in default

Insertion of new Chapter XII-EB- Tax on accreted income-Interest payable for non-payment of tax by trust or institution - When trust or institution is deemed to be assessee in default https://www.taxtmi.com/acts?id=20446 A new charge taxes the excess of a trust's or institution's aggregate fair market value of assets over liabilities as on the specified date (conversion, merger or dissolution) at the maximum marginal rate, payable by the trust and its principal officer/trustee within fourteen days of specified triggers; transfers made within the permitted period on dissolution are excluded, the tax is final with no further credit or deductions allowed, and interest and deemed assessee-in-default rules apply on non-payment. en-us Mon, 29 Feb 2016 16:52:13 +0530 Mon, 29 Feb 2016 16:52:13 +0530 TaxTMI RSS Generator Insertion of new Chapter XII-EB- Tax on accreted income-Interest payable for non-payment of tax by trust or institution - When trust or institution is deemed to be assessee in default https://www.taxtmi.com/acts?id=20446 A new charge taxes the excess of a trust's or institution's aggregate fair market value of assets over liabilities as on the specified date (conversion, merger or dissolution) at the maximum marginal rate, payable by the trust and its principal officer/trustee within fourteen days of specified triggers; transfers made within the permitted period on dissolution are excluded, the tax is final with no further credit or deductions allowed, and interest and deemed assessee-in-default rules apply on non-payment. Act-Rules Bills Mon, 29 Feb 2016 16:52:13 +0530 https://www.taxtmi.com/acts?id=20446