Section 115TA of Income Tax Act "Tax on distributed income to investors"
115TA. (1) Notwithstanding anything contained in any
other provisions of the Act, any amount of income
distributed by the securitisation trust to its investors
shall be chargeable to tax and such securitisation trust
shall be liable to pay additional income-tax on such
distributed income at the rate of-
(i) twenty-five per cent on income distributed to any person
being an individual or a Hindu undivided family;
(ii) thirty per cent on income distributed to any other
person:
Provided that nothing contained in this sub-section shall
apply in respect of any income distributed by the
securitisation trust to any person in whose case income,
irrespective of its nature and source, is not chargeable to
tax under the Act.
(2) The person responsible for making payment of the income
distributed by the securitisation trust shall be liable to
pay tax to the credit of the Central Government within
fourteen days from the date of distribution or payment of
such income, whichever is earlier.
(3) [***]
(4) No deduction under any other provisions of this Act
shall be allowed to the securitisation trust in respect of
the income which has been charged to tax under sub-section
(1).
(5) Nothing contained in this section shall apply in respect
of any income distributed by a securitisation trust to its
investors on or after the 1st day of June, 2016.
115TB. Where the person responsible for making payment of the income distributed by the securitisation trust and the securitisation trust fails to pay the whole or any part of the tax referred to in sub-section (1) of section 115TA, within the time allowed under sub-section (2) of that section, he or it shall be liable to pay simple interest at the rate of one per cent every month or part thereof on the amount of such tax for the period beginning on the date immediately after the last date on which such tax was payable and ending with the date on which the tax is actually paid.