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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)

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