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of <h1>Finance Bill 2023: Amendments to Tax Business Trust Distributions, Closing Loopholes in Debt Repayment Taxation.</h1> The Union Budget 2023-24 and Finance Bill, 2023 propose amendments to address tax avoidance by business trusts, such as REITs and InvITs, when distributing income to unit holders. The current regime allows pass-through taxation for interest, dividend, and rental income, taxing unit holders. However, distributions labeled as debt repayments avoid taxation. The proposed amendments aim to tax such distributions by including them under 'income from other sources,' unless they represent unit redemption, in which case the cost of acquisition will be deducted. These changes will be effective from April 1, 2024, applicable to the assessment year 2024-25 onwards.
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