Payment to specified person: income applied for their benefit deemed their income, anti benefit rules extended to first regime trusts. A proviso to clause (23C) of section 10 deems any income or property of a first regime trust applied for the benefit of a person in section 13(3) to be ... Summary
Payment to specified person: income applied for their benefit deemed their income, anti benefit rules extended to first regime trusts.
A proviso to clause (23C) of section 10 deems any income or property of a first regime trust applied for the benefit of a person in section 13(3) to be that person's income in the year of application; sections 13(2), (4) and (6) are made applicable to first regime trusts, aligning anti benefit and attribution rules across regimes.
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