Section 115 TCA of Income Tax Act "Tax on income from securitisation trusts"
115TCA. (1) Notwithstanding anything contained in this
Act, any income accruing or arising to, or received by, a
person, being an investor of a securitisation trust, out of
investments made in the securitisation trust, shall be
chargeable to income-tax in the same manner as if it were
the income accruing or arising to, or received by, such
person, had the investments by the securitisation trust been
made directly by him.
(2) The income paid or credited by the securitisation trust
shall be deemed to be of the same nature and in the same
proportion in the hands of the person referred to in
sub-section (1), as if it had been received by, or had
accrued or arisen to, the securitisation trust during the
previous year.
(3) The income accruing or arising to, or received by,
the securitisation trust, during a previous year, if not
paid or credited to the person referred to in sub-section
(1), shall be deemed to have been credited to the account of
the said person on the last day of the previous year in the
same proportion in which such person would have been
entitled to receive the income had it been paid in the
previous year.
(4) 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
may be 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 previous year and such other relevant
details, as may be prescribed.
(5) Any income which has been included in the total income
of the person referred to in sub-section (1), in a previous
year, on account of it having accrued or arisen in the said
previous year, shall not be included in the total income of
such person in the previous year in which such income is
actually paid to him by the securitisation trust.
Explanation.-For the purposes of this Chapter,-
(a) "investor" means a person who is holder of any
securitised debt instrument or securities or security
receipt issued by the securitisation trust;
(b) "securities" means debt securities issued by a Special
Purpose Vehicle as referred to in the guidelines on
securitisation of standard assets issued by the Reserve Bank
of India;
(c) "securitised debt instrument" shall have the same
meaning as assigned to it in clause (s) of sub-regulation
(1) of regulation 2 of the Securities and Exchange Board of
India (Public Offer and Listing of Securitised Debt
Instruments) Regulations, 2008 made under the Securities and
Exchange Board of India Act, 1992 (15 of 1992) and the
Securities Contracts (Regulation) Act, 1956 (42 of 1956);
(d) "securitisation trust" means a trust, being a-
(i) "special purpose distinct entity" as defined in clause
(u) of sub-regulation (1) of regulation 2 of the Securities
and Exchange Board of India (Public Offer and Listing of
Securitised Debt Instruments) Regulations, 2008 made under
the Securities and Exchange Board of India Act, 1992 (15 of
1992) and the Securities Contracts (Regulation) Act, 1956
(42 of 1956), and regulated under the said regulations; or
(ii) "Special Purpose Vehicle" as defined in, and regulated
by, the guidelines on securitisation of standard assets
issued by the Reserve Bank of India; or
(iii) trust set-up by a securitisation company or a
reconstruction company formed, for the purposes of the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 (54 of 2002), or
in pursuance of any guidelines or directions issued for the
said purposes by the Reserve Bank of India, which fulfils
such conditions, as may be prescribed.
(e) "security receipt" shall have the same meaning as
assigned to it in clause (zg) of sub-section (1) of section
2 of the Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2002 (54 of
2002).
Section 115JH Foreign company said to be resident in India
Section 115O Tax on distributed profits of domestic companies
Section 115TCA Tax on income from securitisation trusts
Section 115TD Tax on accreted income
Section 115TE Interest payable for non-payment of tax by trust or institution
Section 115TF When trust or institution is deemed to be assessee in default
What is Operating ships? What is Qualifying company? Section 115VB and 115VC of Income Tax Act 1961