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Income-tax (5th Amendment) Rules 2016) - Rules in respect of offshore fund manager regime under section 9A of the Income-tax Act 1961

Income Tax - 14/2016 - Dated:- 15-3-2016 - MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) (INCOME - TAX) Notification New Delhi, the 15th March, 2016 S.O. 1101(E).- In exercise of the powers conferred by section 9A read with section 295 of the Income-tax Act, 1961(43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (5th Amendment) Rules, 201 .....

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(a) independently satisfies the conditions mentioned in clauses (c), (e), (f) and (g) of sub-section (3) of section 9A; (b) has been setup solely for the purpose of pooling funds and investment thereof; and (c) is resident of a country or 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) For the purposes of clause (c) of sub-section (3) of section 9A, where direct investor in the fund is a person .....

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ting from the direct investor regarding the participation, if any, of a person resident in India and the indirect participation in the fund of any person resident in India may be determined by the fund on the basis of such declaration. Explanation.- For the purposes of this sub-rule an investor shall be considered to be appropriately regulated if it is regulated or supervised by the securities market regulator or the banking regulator of the country outside India of which it is resident, in the .....

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nd the final closing of the fund, whichever is earlier, and bonafide efforts are made to satisfy the conditions specified in the clauses (c), (d) and(e) of sub-section (3) of section 9A; (iii) is for the reason that the fund is in the process of being wound up and it does not exceed a period of one year beginning from the date on which the process of winding has begun; or (b) there is delay in furnishing the statement referred to in sub-section (5) of section 9A and such delay does not exceed a .....

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ect to the provisions of sub- rules (6), (7) and (8), for the purposes of determining the arm s length price in respect of any remuneration, paid by the eligible investment fund to an eligible fund manager, referred to in clause (m) of sub-section (3) of section 9A, the provisions of the Act shall apply as if,- (i) the transaction between the eligible investment fund and the eligible fund manager is an international transaction; and (ii) the eligible investment fund and the eligible fund manager .....

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e provisions of the Act shall apply as if it is a report to be furnished under section 92E. Explanation.- For the purposes of this sub-rule specified date shall have the same meaning as assigned to due date in the Explanation 2 below sub-section (1) of section 139. (8) Where the fund manager has either not maintained the document or information as required under section 92D and the rules made thereunder or not produced the document or information before the Assessing Officer or the Transfer Pric .....

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previous year, it is determined that the remuneration paid or payable by a fund to the fund manager is not in accordance with the provisions of clause (m) of sub-section (3) of section 9A, then the benefits of section 9A shall not be denied to the fund which otherwise satisfies all other conditions specified in section 9A. (10) Nothing contained in sub-rule (9) shall apply to a fund if the remuneration paid or payable by the fund to the fund manager has been determined to be not at arm s length .....

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ock, New Delhi. (3) The application under sub-rule (2) shall be made three months before the beginning of the previous year for which the fund seeks the approval. (4) A committee as notified by the Board, shall examine the application and submit its recommendations regarding grant of approval or otherwise and the conditions, if any, subject to which such an approval is to be granted. (5) The committee referred to in sub-rule(4) shall be headed by a Principal Chief Commissioner or Chief Commissio .....

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committee, shall, within sixty days from the end of the month in which the application under sub-rule (2) has been made,- (i) by an order in writing, grant approval to the fund subject to such conditions as it may deem fit; or (ii) for reasons to be recorded in writing, reject the application. (8) The approval once granted, subject to any condition specified in this behalf, shall be applicable for the previous year referred to in sub-rule(3) and subsequent previous years unless it is withdrawn b .....

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l was granted, has been violated. (11) No order rejecting the application or withdrawing the approval, shall be passed without giving an opportunity of being heard. (12) A copy of the order rejecting the application or withdrawing the approval shall be communicated to the fund as well as the Assessing Officer and the Principal Commissioner or Commissioner having jurisdiction over the fund. 10VB. Statement to be furnished by the fund.- (1) The statement required to be furnished under sub-section .....

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(Systems) or the Director General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing of annual statement in the manner specified in sub-rule (2). 2. In Appendix II to the said rules, after Form No. 3CEH, the following Forms shall be inserted, namely:- FORM No. 3CEJ [See rule 10V (7 .....

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roper information and documents as are prescribed have been kept by the fund manager in respect of fund management activity and other transactions or services rendered by the fund manager to the fund/ funds so far as appears from *my/our examination of the records of the fund manager . 2. The particulars required to be furnished for the purposes of section 9A are given in the Annexure to this Form. In*my/our opinion and to the best of my/our information and according to the explanations given to .....

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account number 4. Nature of business or activities of the fund manager 5. Status 6. Residential status 7. Details of SEBI registration (a) Regulation under which registered (b) Registration number and date 8. Previous year ended 9. Assessment year 10. Aggregate value of remuneration received from the eligible fund/funds as per books of account 11. List of eligible investment funds for whom the fund manager has undertaken the fund management activity , with the following details : (a) Name of th .....

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pect of each eligible investment fund and each activity undertaken ( if such activity is separately remunerated): (a) Name and address of the fund for which the fund management activity has been undertaken. (b) Description of the activity. (c) Total amount received or receivable in respect of the activity- (i) as per books of account; (ii) as computed by the fund manager having regard to the arm s length price. (d) Method used for determining the arm s length price [See section 92C(1)] 13. Parti .....

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ntered or to whom services have been rendered (b) Description of the transaction/ nature of service. (c) Amount paid/received or payable/receivable on account of such transaction/ service - • as per books of account; • as computed by the fund manager having regard to the arm s length price. (d) Method used for determining the arm s length price [See section 92C(1)]. **Signed Name : Address : Place : Date : 1. Notes :** This report has to be signed by an accountant as defined in the Exp .....

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satisfied all the conditions specified in section 9A and in case of Approved Fund whether conditions subject to which approval was granted, have also been fulfilled. YES/NO 9 If answer to 8 is No then provide details and period of non fulfilment and the reasons thereof 10 Whether any person resident in India had any participation interest directly or indirectly in the fund during the year? Yes/NO 11 If answer to 10 is Yes provide details of person(s) and percentage interest 12 Details of any sh .....

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