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Rules in respect of Fund Manager Regime under Section 9A of the Income-tax Act 1961

News and Press Release - Dated:- 16-3-2016 - Section 9A of the Income-tax Act, 1961 (the Act) provides for special taxation regime with effect from 01.04.2016 to facilitate location of fund managers of off shore funds in India. Under this regime, the fund management activity carried-out through an eligible fund manager in India by an eligible investment fund does not constitute business connection in India of the fund and also does not lead to the residence of the fund in India. The Rules for op .....

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ing through the entity where the investment in the fund has been made directly by an institutional entity. Relaxation from investor diversification condition in the period of eighteen months or final closing of the fund whichever is earlier, in setting up phase of the fund and in one year period in the winding up phase of the fund. Eligibility of the fund will not be impacted in case of temporary non-fulfilment of investor diversification conditions for period up to 90 days. Eligibility of the f .....

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