TMI BlogCertain activities not to constitute business connection in IndiaX X X X Extracts X X X X X X X X Extracts X X X X ..... fund manager, undertaking fund management activities on its behalf, is situated in India. (3) The eligible investment fund referred to in sub-section (1), means a fund established 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 2 [or is established or incorporated or registered in a country or a specified territory notified by the Central Government in this behalf ]; (c) the aggr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... crore rupees 5 [ at the end of a period of 8 [ twelve months from the last day of the month of its establishment or incorporation ]] ; 4 [ Provided further that nothing contained in this clause shall apply to a fund which has been wound up in the previous year; ] (k) the fund shall not carry on or control and manage, directly or indirectly, any business in India 3 [***]; (l) the fund is neither engaged in any activity which constitutes a business connection in India nor has any person acting on its behalf whose activities constitute a business connection in India other than the activities undertaken by the eligible fund manager on its behalf; (m) the remuneration paid by the fund to an eligible fund manager in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ning information relating to the fulfilment of the conditions specified in this section and also provide such other relevant information or documents as may be prescribed. (6) Nothing contained in this section shall apply to exclude any income from the total income of the eligible investment fund, which would have been so included irrespective of whether the activity of the eligible fund manager constituted the business connection in India of such fund or not. (7) Nothing contained in this section shall have any effect on the scope of total income or determination of total income in the case of the eligible fund manager. (8) The provisions of this section shall be applied in accordance with such guidelines and in such manner as the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 993 or the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, or such other regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992), which may be notified by the Central Government under this clause.] ----------------------- Notes:- 1. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016 2. Inserted vide T HE FINANCE ACT, 2016 with effect from the 1st day of April, 2017 3. Omitted vide T HE FINANCE ACT, 2016 with effect from the 1st day of April, 2017, before it was read as, or from India 4. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2016 5. Substituted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-04-2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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