new delhi the government has proposed changes in the income tax law to ensure uniform treatment for unlisted infrastructure investment trusts invits and real estate investment trusts reitsthe proposal is part of the finance bill tabled in the parliament on saturdaythe income tax it act provides for a taxation regime for business trusts definition of a business trust means a trust registered as an invit or a reit under markets regulator sebi and these units need to be listed on a recognised stock exchangeagainst this backdrop the finance bill 2020 said representations have been received stating that private unlisted invits should be given the same status as public listed invits with regards to tax treatments provided under the actfurther sebi has done away with the requirement of mandatory listing of invit and reit unitsin light of this the definition of business trusts under the act is required to be aligned with the amended sebi regulations therefore it is proposed to amend clause 13a of section 2 of the act to modify the definition of business trust so as to do away with the requirement of the units of business trust to be listed on a recognised stock exchangethis amendment will take effect from april 1 2021 and will accordingly apply in relation to the assessment year 202122 and subsequent assessment years the bill said