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Insertion of new Chapter XII-EB- Tax on accreted income-Interest payable for non-payment of tax by trust or institution - When trust or institution is deemed to be assessee in default

Clause 60 - Bills - DIRECT TAXES - FINANCE BILL, 2016 - Clause 60 - Insertion of new Chapter XII-EB. 60. After Chapter XII-EA of the Income-tax Act, the following Chapter shall be inserted with effect from the 1st day of June, 2016, namely:- CHAPTER XII-EB SPECIAL PROVISIONS RELATING TO TAX ON ACCRETED INCOME OF CERTAIN TRUSTS AND INSTITUTIONS Tax on accreted income. 115TD. (1) Notwithstanding anything contained in this Act, where in any previous year, a trust or institution registered under sec .....

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institution referred to in sub-clause ( iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10, within a period of twelve months from the end of the month in which the dissolution takes place, then, in addition to the income-tax chargeable in respect of the total income of such trust or institution, the accreted income of the trust or the institution as on the specified date shall be charged to tax and such trust or institution, as the case may be, shall be li .....

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eted income in respect of a case referred to in clause (c) of sub-section (1), assets and liabilities, if any, related to such asset, which have been transferred to any other trust or institution registered under section 12AA or to any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10, within the period sp .....

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12AA in the said previous year; or (b) has filed application for fresh registration under section 12AA but the said application has been rejected. (4) Notwithstanding that no income-tax is payable by a trust or the institution on its total income computed in accordance with the provisions of this Act, the tax on the accreted income under sub-section (1) shall be payable by such trust or the institution. (5) The principal officer or the trustee of the trust or the institution, as the case may be, .....

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the trust or the institution in a case referred to in sub-clause (b) of clause (ii) of sub-section (3); (iv) the date of merger in a case referred to in clause (b) of sub-section (1); (v) the date on which the period of twelve months referred to in clause (c) of sub-section (1) expires. (6) The tax on the accreted income by the trust or the institution shall be treated as the final payment of tax in respect of the said income and no further credit therefor shall be claimed by the trust or the i .....

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(3); or (b) the date of adoption or modification of any object, in a case referred to in clause (ii) of sub-section (3); (ii) specified date means,- (a) the date of conversion in a case falling under clause (a) of sub-section (1); (b) the date of merger in a case falling under clause (b) of sub-section (1); and (c) the date of dissolution in a case falling under clause (c) of sub-section (1). Interest payable for non-payment of tax by trust or institution. 115TE. Where the principal officer or t .....

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g with the date on which the tax is actually paid. When trust or institution is deemed to be assessee in default 115TF. (1) If any principal officer or the trustee of the trust or the institution and the trust or the institution does not pay tax on accreted income in accordance with the provisions of section 115TD, 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 .....

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nd recovery of income-tax shall apply: Provided that the liability of the person referred to in this sub-section shall be limited to the extent to which the asset received by him is capable of meeting the liability. . Clause 60 of the Bill seeks to insert a new Chapter XII-EB consisting of new sections 115TD, 115TE and 115TF in the Income tax Act on special provisions relating to tax on accreted income of certain trusts and institutions. Sub-section (1) of the proposed new section 115TD provides .....

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