1Where a trustee receives or is entitled to receive any income on behalf or for the benefit of any person under an oral trust, then, notwithstanding anything contained in any other provision of this Act, tax shall be charged on such income at the maximum marginal rate.
Explanation.-For the purposes of this section,-
2 * * * *
* (ii) "oral trust" shall have the meaning assigned to it in Explanation 2 below
sub-section (1) of section 160.
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1. Ins. by Act 16 of 1981, s. 15 (w.e.f. 1-4-1981).
2. Clause (i) omitted by Act 4 of 1988, s. 65 (w.e.f. 1-4-1989).
Section 161 Liability of representative assessee
Section 162 Right of representative assessee to recover tax paid
Section 163 Who may be regarded as agent
Section 164 Charge of tax where share of beneficiaries unknown
Section 164A Charge of tax in case of oral trust
Section 165 Case where part of trust income is chargeable
Section 166 Direct assessment or recovery not barred
Section 167 Remedies against property in cases of representative assessees
Section 167A Charge of tax in the case of a firm
Section 167C Liability of partners of limited liability partnership in liquidation