Income Tax Act, 2025
Section 4: Ins. by s. 61, ibid. (w.e.f. 12017).
4. Ins. by s. 61, ibid. (w.e.f. 12017).
504
(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 1[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; 1[or]
1[(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.]
1[(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).]
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
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
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.
Any income which has been included in the total income of the person referred to in
sub-section
“investor” means a person who is holder of any securitised debt instrument or securities 1[or
security receipt] issued by the securitisation trust;
“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;
“securitised debt instrument” shall have the same meaning as assigned to it in clause
of
sub-regulation
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
Act, 1956
(42 of 1956);
“securitisation trust” means a trust, being a—
“special purpose distinct entity” as defined in clause
of sub-regulation
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
Act, 1956 (42 of 1956),
and regulated under the said regulations; or
“Special Purpose Vehicle” as defined in, and regulated by, the guidelines on
securitisation of standard assets issued by the Reserve Bank of India; 1[or]
1[
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.]
1[
“security receipt” shall have the same meaning as assigned to it in clause
of sub-section
of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002 (54 of 2002).]