Tax on income of Unit Holder and Business Trust - Section 115UA

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e of a business trust shall be charged to tax at the maximum marginal rate. * If any previous year, the distributed income or any part thereof, received by a unit holder from the business trust is of the nature as referred to in section 10(23FC), then such distributed income or part thereof shall be deemed to be income of such unit holder and shall be charged to tax as income of the previous year. * The provisions of section 115UA(1) shall not apply in respect of any sum referred to in section 56(2)(xii), received by a unit holder from a business trust. [Sub-section (3A) inserted vide Section 60 of the Finance Act, 2023 w.e.f. 01.04.2024] Taxability in hands of Business Trust (REIT/Invit) * Interest & Dividend received....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tock exchange & STT paid thereon). shall be taxable under section 112A @10% in excess of Rs.1,00,000. * Short term capital gain on transfer of unit of Business Trust (listed in recognised stock exchange & STT paid thereon). shall be taxable under section 111A @15%. * Any other income (except covered in above) received by unit holders from Business Trust shall be exempt in hands of Unit Holder under section 10(23FD). * Dividend received by unit holder from business trust * On which SPV has paid taxes u/s 115BAA @22%) shall be taxable.  * IF SPV paid taxes as per normal provision of income tax (Not opted to pay u/s 115BAA) then dividend from SPV shall be exempt in hands of Business Trust u/s 10(23FC) & in hands of Unit Holder&#....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....i) the unit holder in Form No. 64B, duly verified by the person distributing the income on behalf of the business trust in the manner indicated therein. (3) The Director General of Income-tax (Systems) shall specify the procedure for filing of Form No. 64A and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to the statements so furnished. [ Inserted vide Notification 03/2015 - Dated 19-1-2015 ] W.e.f. 24.02.2025  (1) The statement of income distributed by a business trust to its unit holder shall be furnished by the person responsible for making payment of the income distributed on behalf of a business trust to - * (i) the Principal Commissi....