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TypeBare Act JurisdictionCentral Government

Finance Act, 2008 Section 67

Income of beneficiaries under settler-interested settlements

~1 min read
https://sooperkanoon.com/act/455869

Bare act section · Research

About this section

Finance Act, 2008 Section 67 is part of Finance Act, 2008 - Income of beneficiaries under settler-interested settlements. Read the section text below and explore Indian court judgments that cite it.

Research copy - verify against official government publications before filing or court use.

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Section Text

1) In section 685A of ITTOIA 2005 (settlor-interested settlements), after subsection (5) insert- "(5A) If the recipient of the annual payment is treated by subsection (3) as having paid income tax in respect of the annual payment, the amount of the payment is treated as the highest part of the recipient's total income for all income tax purposes except the purposes of sections 535 to 537 (gains from contracts for life insurance etc: top slicing relief).

(5B) See section 1012 of ITA 2007 (relationship between highest part rules) for the relationship between-

(a) the rule in subsection (5A), and (b) other rules requiring particular income to be treated as the highest part of a person's income."

(2) In section 1012(4) of ITA 2007 (relationship between rules on highest part of total income), after the entry relating to section 465A of ITOIA 2005 insert- "section 685A(5A) of ITTOIA 2005 (payments from trustees of settlor-interested settlements to be treated as highest part of total income),".

(3) The amendments made by this section have effect for the tax year 2006-07 and subsequent tax years.

Frequently asked questions

What does Finance Act, 2008 Section 67 provide?

Section Section 67 of the Finance Act, 2008 (Income of beneficiaries under settler-interested settlements) is reproduced on this page as part of the Finance Act, 2008. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 2008 Section 67?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2008 Section 67. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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