News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Direct Tax »
 CBDT wants religious, charitable trusts to be more open about their affairs
 Few Changes To Note For AY 2019-20 Income Tax Return Filing
 CBDT wants shell cos ‘revived’ to collect pending taxes
 CBDT allows AMCs to directly manage offshore funds out of India
 Taxpayers Beware! Specifications in ITR Forms to make it difficult for assessees to stay indifferent
 Penalties for Late Filing of Income Tax Returns
 CBDT again defers GST Reporting in Tax Audit Report
 I-T officers to fast track disposal of appeal cases
 Indian residents can get credit of taxes paid outside country while filing ITR
 CBDT claims increase on tax data that suggests blip in e-filings
 Procedure, format and standards for issuance of certificate for tax deducted at source in Part B of Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules, 1962 through TRACES

CBDTs new norms on income distribution to unit holders
January, 28th 2015

The Central Board of Direct Taxes (CBDT) has specified the format in which business trusts should furnish information on the income distributed by such vehicles to unit holders.

The revenue department now requires every business trust to furnish a statement to the principal commissioner or commissioner of income tax within whose jurisdiction the principal office of the business trust is situated.

This statement has to be submitted by November 30 of the financial year following the ‘previous year’ during which the business trust distributes income.

The CBDT move would cover situations of real estate investment trusts (REITs) and also Infrastructure Investment Trusts (InvITs), which are new vehicles introduced recently in the Indian market.

“This revenue department move is an information gathering effort of the income tax department so as to prevent any misuse of such business trusts.

They (tax department) will now have information on the unit holders and the income distributed to them”, Partho Dasgupta, Partner, BDO India LLP told Business Line.

Besides details of the unit holders to whom income has been distributed, the new statement (Form 64A) also requires a business trust to attach a copy of trust deed and also a copy of the certificate of registration under SEBI Act.

In his maiden budget speech in July last year, Finance Minister Arun Jaitley had spelt out the taxation treatment for business trusts (REITs, InvITs)

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions