BUSINESS TRUSTS – Meaning & Provisions
Meaning of Business Trust —
“Business trust” means a trust as an Infrastructure Investment Trust or a Real Estate In vestment Trust, the units of which are required to be listed on a recognised stock exchange, in accordance with the regulations made under the Board of India , 1992 and notified by the Central Government in this behalf; (kindly see the chapter—”lncome-tax on Companies’ for details).
Special Provisions Relating to Business Trusts’—
The said Chapter proposes—Section-lI UA [Tax on income of unit holder and business trust] namely:—
This wiil take effect from 1st April, 2015 and will, accordingly, relation to the year 2015-16 and subsequent years.