TMI BlogInsertion of new Chapter XII-EA.X X X X Extracts X X X X X X X X Extracts X X X X ..... CURITISATION TRUSTS 115TA. Tax on distributed income to investors. (1) Notwithstanding anything contained in any other provisions of the Act, any amount of income distributed by the securitisation trust to its investors shall be chargeable to tax and such securitisation trust shall be liable to pay additional income-tax on such distributed income at the rate of (i) twenty-five ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l, on or before the 15th day of September in each year, furnish to the prescribed income-tax authority, a statement in the prescribed form and verified in the prescribed manner, giving the details of the amount of income distributed to investors during the previous year, the tax paid thereon and such other relevant details, as may be prescribed. (4) No deduction under any other provisions o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st to be assessee in default. If any person responsible for making payment of the income distributed by the securitisation trust and the securitisation trust does not pay tax, as referred to in subsection (1) of section 115TA, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ulation) Act, 1956 (42 of 1956); (d) securitisation trust means a trust, being a (i) special purpose distinct entity as defined in clause (u) of subregulation (1) of regulation 2 of the Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 made under the Securities and Exchange Board of India Act, 1992 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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