Insertion of new Chapter XII-FA

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..... (1) Notwithstanding anything contained in any other provisions of this Act, any income distributed by a business trust to its unit holders shall be deemed to be of the same nature and in the same proportion in the hands of the unit holder as it had been received by, or accrued to, the business trust. (2) Subject to the provisions of section 111A and section 112, the total income of a business tru .....

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..... he Bill seeks to insert a new Chapter XII-FA in the Income-tax Act which deals with Special Provisions Relating to Business Trusts . The said Chapter proposes- (a) to provide that the distributed income in the hands of the unit holders will be of the same nature and in the same proportion as the income in the hands of the trust; (b) to provide that the total income of the trust other than capital .....

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