Insertion of new Chapter XII-FA

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.... holder and business trust           115UA. (1) Notwithstanding anything contained in any other provisions of this Act, any income distributed by a business trust to its unit holders shall be deemed to be of the same nature and in the same proportion in the hands of the unit holder as it had been received by, or accrued to, the business trust. &nb....

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....tatement to the unit holder and the prescribed authority, within such time and in such form and manner as may be prescribed, giving the details of the nature of the income paid during the previous year and such other details as may be prescribed.". - Clause 43 of the Bill seeks to insert a new Chapter XII-FA in the Income-tax Act which deals with "Special Provisions Relating to Business Trust....

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....red to in clause (23FC) of section 10, then, such distributed income or part thereof shall be deemed to be the income of such unit holder and shall be charged to tax as income of the previous year;           (d) to provide that the person responsible for making payment of income or any part thereof distributed on behalf of a business trust to a unit ....