(2)The income or any part thereof as referred to in sub-section (1), shall be chargeable to tax at the rate applicable to an association of persons as if it were its total income, if,—(a)none of the beneficiaries has any other income chargeable under this Act exceeding the maximum amount not chargeable to tax in case of an association of persons, or is a beneficiary under any other trust; or(b)such income or part of such income is receivable under a trust declared by any person by will and such trust is the only trust so declared by him; or(c)such income or part of such income is receivable under a trust created before the 1st March, 1970, by a non-testamentary instrument and the Assessing Officer is satisfied, having regard to all the circumstances existing at the relevant time, that the trust was created bona fide––(i)exclusively for the benefit of the relatives of the settlor; or(ii)exclusively for the benefit of the members of such family, where the settlor is a Hindu undivided family,in circumstances where such relatives or members were mainly dependent on the settlor for their support and maintenance; or(d)such income is receivable by the trustees on behalf of a provident fund, superannuation fund, gratuity fund, pension fund or any other fund created bona fide by a person carrying on a business or profession exclusively for the benefit of persons employed in such business or profession.
