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Insertion of new section 9A- Certain activities not to constitute business connection in India

Section 6 - Act - DIRECT TAXES - Income-tax - Finance Act - Section 6 - Insertion of new section 9A 6. After section 9 of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2016, namely:- Certain activities not to constitute business connection in India 9A. (1) Notwithstanding anything contained in sub-section (1) of section 9 and subject to the provisions of this section, in the case of an eligible investment fund, the fund management activity car .....

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ed or incorporated or registered outside India, which collects funds from its members for investing it for their benefit and fulfils the following conditions, namely:- (a) the fund is not a person resident in India; (b) the fund is a resident of a country or a specified territory with which an agreement referred to in sub-section (1) of section 90 or sub-section (1) of section 90A has been entered into; (c) the aggregate participation or investment in the fund, directly or indirectly, by persons .....

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und exceeding ten per cent.; (g) the aggregate participation interest, directly or indirectly, of ten or less members along with their connected persons in the fund, shall be less than fifty per cent.; (h) the fund shall not invest more than twenty per cent. of its corpus in any entity; (i) the fund shall not make any investment in its associate entity; (j) the monthly average of the corpus of the fund shall not be less than one hundred crore rupees: Provided that if the fund has been establishe .....

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gible fund manager on its behalf; (m) the remuneration paid by the fund to an eligible fund manager in respect of fund management activity undertaken by him on its behalf is not less than the arm s length price of the said activity: Provided that the conditions specified in clauses (e), (f) and (g) shall not apply in case of an investment fund set up by the Government or the Central Bank of a foreign State or a sovereign fund, or such other fund as the Central Government may subject to condition .....

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acting in the ordinary course of his business as a fund manager; (d) the person along with his connected persons shall not be entitled, directly or indirectly, to more than twenty per cent. of the profits accruing or arising to the eligible investment fund from the transactions carried out by the fund through the fund manager. (5) Every eligible investment fund shall, in respect of its activities in a financial year, furnish within ninety days from the end of the financial year, a statement in t .....

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