India - Income Tax Act 2010 - Saarc

S. 164 I.T. ACT, 1961 1.716(ii) the relevant income or part of relevant income is receivable under33[a trust declared by any person by will and such trust is the only trustso declared by him]; or(iii) the relevant income or part of relevant income is receivable under atrust created before the 1st day of March, 1970, by a non-testamentaryinstrument and the 34 [Assessing] Officer is satisfied, havingregard to all the circumstances existing at the relevant time, that thetrust was created bona fide exclusively for the benefit of the relativesof the settlor, or where the settlor is a Hindu undivided family,exclusively for the benefit of the members of such family, in circumstanceswhere such relatives or members were mainly dependent onthe settlor for their support and maintenance; or(iv) the relevant income is receivable by the trustees on behalf of aprovident fund, superannuation fund, gratuity fund, pension fund orany other fund created bona fide by a person carrying on a businessor profession exclusively for the benefit of persons employed in suchbusiness or profession,tax shall be charged 35 [on the relevant income or part of relevant income as if it]were the total income of an 36 [association of persons] :37[Provided further that where any income in respect of which the personmentioned in clause (iv) of sub-section (1) of section 160 is liable as representativeassessee consists of, or includes, profits and gains of business, the precedingproviso shall apply only if such profits and gains are receivable under a trustdeclared by any person by will exclusively for the benefit of any relativedependent on him for support and maintenance, and such trust is the only trustso declared by him.]38[(2) In the case of relevant income which is derived from property held undertrust wholly for charitable or religious purposes, 39 [or which is of the naturereferred to in sub-clause (iia) of clause (24) of section 2,] 40 [or which is of thenature referred to in sub-section (4A) of section 11,] tax shall be charged on somuch of the relevant income as is not exempt under section 11 41 [or section 12],33. Substituted for “a trust declared by will” by the Finance (No. 2) Act, 1980, w.e.f. 1-4-1980.34. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.35. Substituted for “as if the relevant income or part of relevant income” by the Finance(No. 2) Act, 1980, w.e.f. 1-4-1980.36. Restored to its original expression by the Direct Tax Laws (Amendment) Act, 1989, w.e.f.1-4-1989. Earlier, it was substituted by the Direct Tax Laws (Amendment) Act, 1987, witheffect from the same date.37. Inserted by the Finance Act, 1984, w.e.f. 1-4-1985.38. Reintroduced by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Earlier, itwas omitted by the Direct Tax Laws (Amendment) Act, 1987, with effect from the samedate.39. Inserted by the Finance Act, 1972, w.e.f. 1-4-1973.40. Inserted by the Finance Act, 1983, w.e.f. 1-4-1984.41. Inserted by the Finance Act, 1972, w.e.f. 1-4-1973.