Income-tax (Seventeenth Amendment), Rules, 2022 - Additional conditions required to be fulfilled by a specified fund for availing exemption u/s 10(4D) - 64/2022 - Income Tax

Extract

..... he principal rules),- (i) in rule 21AI, after sub-rule rule (2), the following sub-rule shall be inserted, namely:- “(2A) The income attributable to units held by non-resident (not being the permanent establishment of a nonresident in India) in a specified fund shall not be exempt under clause (4D) of section 10 of the Act unless the specified fund complies with sub-rule (2).”; (ii) after rule 21AI, the following rule shall be inserted, namely:- “21AIA. Other conditions required to be fulfilled by a specified fund referred to in clause (4D) of section 10 of the Act.-(1) For the purposes of the proviso to item (III) of sub-clause (i) of clause (c) of the Explanation to clause (4D) of section 10 of the Act, the “other .....

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Income-tax (Seventeenth Amendment), Rules, 2022 - Additional conditions required to be fulfilled by a specified fund for availing exemption u/s 10(4D) - 64/2022 - Income Tax

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..... xplanation.-For the purpose of this rule, “specified fund” shall have the same meaning as assigned to it in sub-clause (i) of clause (c) of the Explanation to clause (4D) of section 10 of the Act.”; (iii) in rule 21AJ, after sub-rule rule (3), the following sub-rule shall be inserted, namely:- “(3A) The income of a specified fund referred to in clause (a) and clause (b) of sub-section (1) of section 115AD, attributable to the units held by a non-resident (not being the permanent establishment of a non-resident in India), shall not be eligible for tax rates specified in section 115AD unless it furnishes the annual statement of income eligible for concessional taxation in Form No. 10-IH in accordance with the provision .....

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Income-tax (Seventeenth Amendment), Rules, 2022 - Additional conditions required to be fulfilled by a specified fund for availing exemption u/s 10(4D) - 64/2022 - Income Tax

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..... certificate of registration issued by the International Financial Services Centre Authority: (ii) Date of registration: dd/mm/yyyy 7. Total Income of Specified Fund during Previous Year ( In Rs) Details of Exempt Income under clause (4D) of section 10 S.No. Nature of Income of the Specified Fund Total Income (In Rs.) Income attributable to units held by non-resident (not being a permanent establishment of a non-resident in India) 8. Income accrued or arisen to, or received as a result of transfer of capital asset referred to in clause (viiab) of section 47, 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 .....

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Income-tax (Seventeenth Amendment), Rules, 2022 - Additional conditions required to be fulfilled by a specified fund for availing exemption u/s 10(4D) - 64/2022 - Income Tax

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..... its were issued? Yes/No If yes date of exit from fund dd/mm/yyyy Total 15. Aggregate value of units (Rs. in crore) during the previous year 16. Aggregate number of units during the previous year 17. Proportion of units (value) held by residents during the previous year 18. Proportion of units (number) held by residents during the previous year Declaration I, ___________________________________________________________(Name in full and in block letters) son/daughter/wife of __________________________________________do hereby declare that: (i) to the best of my knowledge and belief what is stated above and in the Annexure(s), including the documents accompanying such Annexure(s), is correct and complete; (ii) the fund has been granted a certif .....

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Income-tax (Seventeenth Amendment), Rules, 2022 - Additional conditions required to be fulfilled by a specified fund for availing exemption u/s 10(4D) - 64/2022 - Income Tax

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..... is declaration and furnish this statement. Place: Date: Yours faithfully, Signature …………….………………. Name………………………………… Designation………………………… Notes: 1. Attach a copy of the certificate of registration under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012; 2. "Assets under management" means the closing balance of the value of assets or investments of the specified fund as on a particular date; 3. "International Financial Services Centre" shall have .....

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Income-tax (Seventeenth Amendment), Rules, 2022 - Additional conditions required to be fulfilled by a specified fund for availing exemption u/s 10(4D) - 64/2022 - Income Tax

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..... r of such capital asset or security. Ratio Income attributable to units held by non-resident (not being a permanent establishment of a non-resident in India) (1) (2) (3) (4) (5) (6) (7) (8) = (6) / (7) (9) = (5) * (8) Part I. Income from transfer of securities referred to in clause (viiab) of section 47, 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 (1) (2) (3) (4) (5) (6) (7) (8) = (6) / (7) (9) = (5) * (8) Total Part II. Income from Transfer of securities (other than shares in a company resident in India) (1) (2) (3) (4) (5) (6) (7) (8) = (6) / (7) (9) = (5) * (8) Total + add rows depending upon numbe .....

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Income-tax (Seventeenth Amendment), Rules, 2022 - Additional conditions required to be fulfilled by a specified fund for availing exemption u/s 10(4D) - 64/2022 - Income Tax

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