Income tax (1st Amendment), Rules, 2022 - 06/2022 - Income Tax

Extract

..... A = any income accrued or arisen to, or received by the eligible investment division as a result of transfer of a capital asset referred to in clause (viiab) of section 47 of the Act held by it, on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in convertible foreign exchange; B= any income accrued or arisen to, or received by the eligible investment division as a result of transfer of securities held by it (other than shares in a company resident in India); C= any income accrued or arisen to, or received by the eligible investment division from securities held by it and issued by a non-resident (not being a permanent establishment of a non-resident in India) and where such income otherwise does not accrue or arise in India; D = any income accrued or arisen to, or received by the eligible investment division from a securitization trust which is chargeable under the head "profits and gains of business or profession”. Explanation: Any expenditure incurred for the purposes of making or earning income referred to in items A or B or C or D shall not be allowed as deduction .....

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Income tax (1st Amendment), Rules, 2022 - 06/2022 - Income Tax

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..... ion 288 of the Act; (b) “due date” shall have the same meaning as assigned to it in the Explanation 2 to sub-section (1) of section 139 of the Act; (c) “eligible investment division” shall mean a registered investment division which fulfills the conditions as prescribed under item II of sub-clause (ii) of clause (c) of the Explanation to clause (4D) of section 10 of the Act; (d) “investment division of an offshore banking unit” shall have the same meaning as assigned to it in clause (aa) of the Explanation to clause (4D) of section 10 of the Act; (e) “registered investment division” shall mean an investment division of an offshore banking unit which fulfills the condition specified under item (I) of sub-clause (ii) of clause (c) of the Explanation to clause (4D) of section 10 of the Act; (f) "securities" shall have the same meaning as assigned to it in clause (bb) of the Explanation to clause (4D) of section 10 of the Act; (g) "specified date", in relation to the accounts of the registered investment division of the previous year relevant to an assessment year, means a date one month prior to the due date. (h) &ldq .....

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Income tax (1st Amendment), Rules, 2022 - 06/2022 - Income Tax

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..... e fact that such expenditure has been not allowed as a deduction against income referred to in items A or B or C or D or E or F, as the case may be. (2) The eligible investment division shall furnish an annual statement of income, eligible for taxation under sub-section (1B) of section 115AD of the Act, in Form No. 10-IK electronically under digital signature on or before the due date, which is duly verified in the manner indicated therein. Explanation.- For the purpose of this rule, the expressions,- (a) “due date” shall have the same meaning as assigned to it in the Explanation 2 to sub-section (1) of section 139 of the Act; (b) “eligible investment division” shall mean a registered investment division which fulfills the conditions as prescribed under item II of sub-clause (ii) of clause (c) of the Explanation to clause (4D) of section 10 of the Act; (c) “investment division of an offshore banking unit” shall have the same meaning as assigned to it in clause (aa) of the Explanation to clause (4D) of section 10 of the Act; (d) “registered investment division” shall mean an investment division of an offshore banking unit which fulfill .....

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Income tax (1st Amendment), Rules, 2022 - 06/2022 - Income Tax

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..... ision from a securitisation trust which is chargeable under the head "profits and gains of business or profession D] (In Rs) Income of the eligible investment division [A + B + C + D] (In Rs) 11. Calculation of income taxable under sub-section (1B) of section 115AD (In Rs) Income by way of long term capital gain referred to in clause (b) of sub-section (1) of section 115AD of the Act, accrued or arisen to, or received by the eligible investment division, as a result of transfer of a security referred to in section 112A of the Act and which is held by such investment division. (A) (In Rs) Income by way of long term capital gain referred to in clause (b) of sub-section (1) of section 115AD, accrued or arisen to, or received by the eligible investment division as a result of transfer of a security, other than that referred to in section 112A of the Act, and held by such investment division.(B) (In Rs) Income by way of short term capital gain referred to in clause (b) of sub-section (1) of section 115AD of the Act, accrued or arisen to, or received by the eligible investment division as a result of transfer of security referred to in section 111A of the Act and held by such invest .....

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Income tax (1st Amendment), Rules, 2022 - 06/2022 - Income Tax

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..... fulfilled (i) It has maintained separate accounts for the registered investment division; Yes/No (ii) It has got the accounts, referred to in clause (i), audited by an accountant referred to in the Explanation below sub-section (2) of section 288; Yes/No (iii) It has maintained proper documentation relating to inbound remittance for buying and selling the investments; Yes/No (iv) It has maintained proper documentation in respect of the use of inward remittance made to India; Yes/No (v) It has maintained bank statement of all accounts for the registered investment division; Yes/No (vi) It has maintained contract notes relating to purchase and sale of securities by the registered investment division; and Yes/No (vii) It has maintained a statement of securities issued by the custodian. Yes/No 3. I/We declare that the above particulars are true and correct to the best of my/our knowledge and belief. __________________________________ Place (Signature with name of the accountant) Date __________________.". [F. No. 370142/60/2021-TPL] NEHA SAHAY, Under Secy. Note. - The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Subsection (ii) vide no .....

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Income tax (1st Amendment), Rules, 2022 - 06/2022 - Income Tax

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