Maximum marginal rate u/s 164 - answerability of trustees to ...

High Court: Section 164 of Income Tax Act applies maximum marginal rate to trustees accountable only to direct trust beneficiaries.

July 6, 2016

Case Laws Income Tax HC

Maximum marginal rate u/s 164 - answerability of trustees to beneficiary is limited to beneficiary of a particular trust as per Trust Act and it cannot be stretched or reached to beneficiaries of beneficiary and then against beneficiaries’ beneficiary. - HC

View Source

← Previous Next →

Maximum marginal rate u/s 164 - answerability of trustees to ...

High Court: Section 164 of Income Tax Act applies maximum marginal rate to trustees accountable only to direct trust beneficiaries.

July 6, 2016

Case Laws Income Tax HC

You may also like:

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

This summary concerns an appeal before the Income Tax Appellate Tribunal regarding violations of Sections 11 to 13 of the Income Tax Act by a trust. The key points are:...

ITAT determined that a registered charitable trust's income should be taxed at normal rates rather than maximum marginal rates, despite undefined trustee shares. While...

Discretionary trust liable to pay tax at maximum marginal rate, including highest slab rate of income tax and surcharge applicable to individuals. Section 2(29C)...

Trust's income tax liability determined based on last will provisions, not maximum marginal rate - assessee's appeal allowed. AO and CIT(A) erred in applying Section...

Charging maximum marginal rate - Charitable society - validity of action of the CPC in calculating the tax at Maximum Marginal rates instead of the slab rates - Revenue...

Applicability of section 167B - taxing at maximum marginal rate - assessment of AOP - Unambiguous provisions of 167B(2), if income of any member (other than the share of...

Re-computation of income tax liability - to adopt the maximum marginal rate of 40% applicable under Section 164(1) - the maximum marginal rate could not be applied to...

Exemption u/s 11 - Contravention of Section 13(1)(d) - Since dividend income is exempt, no income remains taxable at Maximum Marginal rate - HC

The Income Tax Appellate Tribunal (ITAT) examined the taxability of income from a discretionary trust u/s 164(1) read with clause (ii) of Explanation 1 to Section 164 of...

Entitlement to exemption u/s 11 - there is a violation of sec. 13(1)(c) of the Act as the assessee invested funds in a limited company where the trustee is the Managing...

Assessment of trust as Association of Persons (AOP) - family trust - rate of tax - maximum marginal rate or slab rates - Assessee family trust has only income from other...

Assessment of trust/AOP - trust to be assessed in the status of AOP - religious trusts / deity - Levying tax at the maximum marginal rate instead of rates applicable to...

Exemption u/s 11 - the trust is operating buses to transport the students at free of cost. In case of breakdown, the Managing Trustee offers the vehicles of his own...

Assessment of trust - Tax rate - provisions of Sec.167B applies to an AOP or BOI where its income is indeterminate or unknown then the tax shall be charged at the...

Quick Updates: