Section 308 — Charge of tax in case of oral trust

Old Act equivalent: 33ABA of IT Act 1961 Sub-part: Profits and Gains of Business or Profession — Computation Rules

Statutory Text

(1) Where a trustee receives or is entitled to receive any income on behalf
or for the benefit of any person under an oral trust, then, irrespective of anything contained in any other provision of this Act, tax shall be charged on such income at the maximum marginal rate. (2) For the purposes of this section, “oral trust” shall have the meaning assigned to it in section 303(3).
—Association of persons and body of individuals Method of computing a member’s share in income of association of persons or body of individuals.

None.

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None.

To be updated.