Clause 308 - Charge of tax in case of oral trust. - Income Tax Bill, 2025

Charge of tax in case of oral trust. 308. (1) The income of the person appointed under an oral trust as mentioned in section 303(1)(e) shall be chargeable to tax at the maximum marginal rate, irrespective of anything contained in any other provision of this Act. (2) For the purposes of this section, oral trust shall have the meaning assigned to it in section 303(3).