Modification of the definition of “business trust”

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..... come is charged at the maximum marginal rate. Further, the income by way of interest and rent, received by the business trust from a Special Purpose Vehicle (SPV) is accorded pass through treatment i.e. there is no taxation of such interest or rental income in the hands of the trust and no withholding tax at the level of SPV. The business trusts are also required to furnish return of income and ad .....

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..... /2019/10 has, inter-alia, done away with the mandatory listing requirement for InvITs. In light of this, the definition of business trusts under the Act is required to be aligned with the amended SEBI Regulations. Therefore, it is proposed to amend clause (13A) of section 2 of the Act to modify the definition of "business trust" so as to do away with the requirement of the units of business trust .....

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