TMI BlogTaxation of Investment Fund - Section 115UBX X X X Extracts X X X X X X X X Extracts X X X X ..... r the International Financial Services Centres Authority Act, 2019. [ Explanation 1(a) of Section 115UB ] Computation of income of Investment fund In case No Loss Arise: - Net result of income of the investment fund without provided exemption of section 10(23FBA) In case of Loss Arise Net result of income of the investment fund without provided exemption of section 10(23FBA) is a loss under any head of income and such loss cannot be or is not wholly set-off against income under any other head of income of the said previous year, then,- Loss of Investment fund allowed to carried forward in following manner w.e.f. from 1 st April 2019 (i) Loss as a result of the computation under the head Profit and gains of business or profession , if any, s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the relevant year, where such fund is a company or a firm ; or (ii) at maximum marginal rate in any other case(other than Company or Firm). In other words, t ax Rates for Investment Fund in case of PGBP income- In case of Company/Firm 30% In any other case Maximum Marginal Rate Exemption of provided to Investment fund In computing the total income of a previous year of any person, any income falling within section 10(23FBA) shall not be included if any income of an investment fund other than the income chargeable under the head Profits and gains of business or profession ; Liability of TDS Deduction by the Investment Fund For income distributed by investment fund other then PGBP to Unit Holders , TDS has to be deducted by Investment Fund un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the income paid by an investment fund under this Chapter. [ Section 115UB(5) ] Filing of Return of Income by Investment Fund Investment Fund compulsory required to file its return of income under section 139(4F) . The person responsible for crediting or making payment of the income on behalf of an investment fund and the investment fund shall furnish, within such time as may be prescribed, to the person who is liable to tax in respect of such income (i.e. unitholder) in form No. 64C should be given on or before 30 th Jun immediately after the end of the financial year; and to the prescribed income-tax authority (i.e. PCIT/CIT) in form No. 64D should be uploaded on or before 30th November immediately after the end of the financial year. [ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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