Tax on income from securitisation trusts

Irrespective of anything contained in this Act, where a being an investor of a securitisation trust, receives any income or any accrues or arises to him, out of investments made in the securitisation trust, income shall be chargeable to income-tax in the same manner as if, it were income accruing or arising to, or received by, such person, had the investments 30 by the securitisation trust been made directly by him.

The income paid or credited by the securitisation trust shall be to be of the same nature and in the same proportion in the hands of the referred to in sub-section (1), as if it had been received by, or had accrued arisen to, the securitisation trust during the tax year.

The income accruing or arising to, or received by, the securitisation trust during a tax year, if not paid or credited to the person referred sub-section (1), shall be deemed to have been credited to the account of the person–– (a) on the last day of the tax year; and (b) in the same proportion in which such person would have entitled to receive the income had it been paid in the tax year.

The person responsible for crediting or making payment of the income on behalf of securitisation trust, and the securitisation trust, shall furnish, within such period, as prescribed, to the person who is liable to tax in respect of such income and to the prescribed income-tax authority, a statement in such form and verified in such manner, giving details of the nature of the income paid or credited during the tax year and such other relevant details, as prescribed.