1(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 per cent. on income distributed to any person being an individual or a Hindu undivided family;
(ii) thirty per cent. on income distributed to any other person:
Provided that nothing contained in this sub-section shall apply in respect of any income distributed by the securitisation trust to any person in whose case income, irrespective of its nature and source, is not chargeable to tax under the Act.
(2) The person responsible for making payment of the income distributed by the securitisation trust shall be liable to pay tax to the credit of the Central Government within fourteen days from the date of distribution or payment of such income, whichever is earlier.
2 * * * * *
(4) No deduction under any other provisions of this Act shall be allowed to the securitisation trust in respect of the income which has been charged to tax under sub-section (1).
3 (5) Nothing contained in this section shall apply in respect of any income distributed by a securitisation trust to its investors on or after the 1st day of June, 2016.
-----------------
1. Ins. by Act 17 of 2013, s. 33 (w.e.f. 1-6-2013).
2. Sub-section (3) omitted by Act 25 of 2014, s. 43 (w.e.f. 1-4-2015).
3. Ins. by Act 28 of 2016, s. 59 (w.e.f. 1-6-2016).
Section 115T Unit trust of India or mutual fund to be an assessee in default
Section 115TA Tax on distributed income to investors
Section 115TB Interest payable for non-payment of tax
Section 115TC Securitisation trust to be assessee in default
Section 115TCA Tax on income from securitization trusts
Section 115TD Tax on accreted income
Section 115TE Interest payable for non-payment of tax by trust or institution
Section 115TF When trust or institution is deemed to be assessee in default
Section 115U Tax on income in certain cases
Section 115UA Tax on income of unit holder and business trust
Section 115UB Tax on income of investment fund and its unit holders