Amendment of section 164

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....owing shall be substituted, namely :- "tax shall be charged on the relevant income or part of relevant income at the maximum marginal rate :"; (ii) in the proviso, - (1) for clause (i), the following clause shall be substituted, namely :- "(i) none of the beneficiaries has any other income chargeable under this Act exceeding the maximum amount not chargeable to ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... on behalf or for the benefit of any one person or the individual shares of the beneficiaries in the income so applicable are indeterminate or unknown, the tax chargeable on the relevant income shall be the aggregate of - (a) the tax which would be chargeable on that part of the relevant income which is applicable to charitable or religious purposes (as reduced by the income, if any, whic....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....aximum amount not chargeable to tax in the case of an association of persons or is a beneficiary under any other trust; or"; (2) in clause (ii), for the words "under a trust declared by will", the words "under a trust declared by any person by will and such trust is the only trust so declared by him" shall be substituted; (3) in the concluding portion, for the words "as if the re....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....such on the date of such order, instrument or deed; (ii) the individual shares of the persons on whose behalf or for whose benefit such income or such part thereof is received shall be deemed to be indeterminate or unknown unless the individual shares of the persons on whose behalf or for whose benefit such income or such part thereof is receivable, are expressly stated in the order of th....