Mohd Zain
Quick Summary
What is Trust? A Trust is not a separate legal entity, therefore the tax law uses the concept of the representative assessee to tax the trust as given under section 160 of the Income Tax Act, 1961. How it can be created? Simply speaking a trust is only an obligation created through a legal
Daily Limit Reached
You have reached your daily limit of 2 Free Articles
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited Articles Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
A trust is an obligation created through a legal document like a Trust-Deed or Will to transfer property rights to a beneficiary, or for public welfare.
A trust is created through a legal document such as a Trust-Deed, Will, or other instrument that transfers property rights.
No, a trust is not a separate legal entity. Tax law uses the concept of a representative assessee to tax trusts.
Trusts can be revocable or irrevocable, government or non-government, and charitable or religious. Private trusts can be further divided into oral and written, and then into discretionary and non-discretionary.
The income of a trust is taxed via a representative assessee, generally at the maximum marginal rate. Public trusts may be exempt from tax under specific conditions.
CAclubindia
