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Section 164A - Charge of tax in case of oral trust - Income-tax Act, 1961Extract 1 [Charge of tax in case of oral trust. 164A. Where a trustee receives or is entitled to receive any income on behalf or for the benefit of any person under an oral trust, then, notwithstanding anything contained in any other provision of this Act, tax shall be charged on such income at the maximum marginal rate. Explanation .-For the purposes of this section,- ( i ) 2 [ **** ] ( ii ) oral trust shall have the meaning assigned to it in Explanation 2 below sub-section (1) of section 160. ] ************* NOTES:- 1. Inserted vide Section 15 of the Finance Act, 1981 w.e.f. 01-04-1981 2. Omitted vide Section 65 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, (i) maximum marginal rate shall have the meaning assigned to it in Explanation 2 below sub-section (3) of section 164;
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