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TMI BlogInsertion of new Chapter XII-EA-SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME BY SECURITISATION TRUSTSX X X X Extracts X X X X X X X X Extracts X X X X ..... ional income-tax on such distributed income at the rate of (i) twenty-five per cent. on income distributed to any person being an individual or a Hindu undivided family; (ii) thirty per cent. on income distributed to any other person: Provided that nothing contained in this sub-section shall apply in respect of any income distributed by the securitisation trust to any person in whose case income, irrespective of its nature and source, is not chargeable to tax under the Act. (2) The person responsible for making payment of the income distributed by the securitization trust shall be liable to pay tax to the credit of the Central Government within fourteen days from the date of distribution or payment of such income, whichever is earlier. (3) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5TA, then, he or it shall be deemed to be an assessee in default in respect of the amount of tax payable by him or it and all the provisions of this Act for the collection and recovery of income-tax shall apply. Explanation. For the purposes of this Chapter, (a) investor means a person who is holder of any securitised debt instrument or securities issued by the securitisation trust; (b) securities means debt securities issued by a Special Purpose Vehicle as referred to in the guidelines on securitisation of standard assets issued by the Reserve Bank of India; (c) securitised debt instrument shall have the same meaning as assigned to it in clause (s) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Public ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... additional income-tax shall be levied at the rate of thirty per cent., if such distributed income is paid to a person other than individual and Hindu undivided family. No additional income-tax shall be levied, if the distributed income is paid to any person who is exempt under the Act. It also provides that the amount of tax shall be remitted within fourteen days of the date of payment or distribution of income. It is provided that no deduction under any provisions of the Act shall be allowed to securitisation trust in respect of the said income. The section provides that the securitisation trust shall, before the 15th day of September in each year, furnish a statement in the prescribed form providing the details regarding the amount of inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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