Specific vs. discretionary trust classification, the beneficiary-share determinability test, and the maximum-marginal-rate triggers that decide how a private family trust is actually taxed.
Trust: ___ · PAN: ___ · Year ended: ___ · Assessment Year: ___
A private (non-charitable) family trust — typically set up for succession or asset-holding purposes rather than public charity — is taxed under Sections 160 to 164 of the Income-tax Act, 1961, in the hands of the trustee AS A REPRESENTATIVE ASSESSEE, but the applicable rate and computation depend entirely on whether the trust is "specific" or "discretionary" and whether the beneficiaries' shares are determinate. This working paper documents that classification and its tax consequence, in place of a boilerplate assumption either way.
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