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Certain activities not to constitute business connection in India

Section 9A - BASIS OF CHARGE - Income Tax - Section 9A - 1[ 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 carried out through an eligible fund manager acting on behalf of such fund shall not constitute business connection in India of the said fund. (2) Notwithstanding anything contained in section 6, an eligible investment fund shall not be said to .....

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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 aggregate participation or investment in the fund, directly or indirectly, by persons resident in India does not exceed five per cent. of the corpus of the fund; (d) the fund and its acti .....

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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 established or incorporated in the previous year, the corpus of fund shall not be less than one hundred crore ru .....

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t 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 conditions if any, by notification in the Official Gazette, specify in this behalf. (4) The eligible fund manager, in .....

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ons 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 the prescribed form, to the prescribed income-tax authority containing information relating to the fulfilment .....

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