Sunday, February 15, 2015

CBDT’s new norms on income distribution to unit holders

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.

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