TMI BlogIncome tax Amendment (22nd Amendment), Rules, 2021. - Computation of exempt income of specified fund for the purposes of clause (4D) of section 10. - Determination of income of a specified fund attributable to units held by non-residents under sub-section (1A) of section 115AD.X X X X Extracts X X X X X X X X Extracts X X X X ..... , the following rules shall be inserted, namely:- 21AI. Computation of exempt income of specified fund for the purposes of clause (4D) of section 10. - (1). For the purpose of clause (4D) of section 10, income attributable to units held by non-resident (not being the permanent establishment of a non-resident in India) in a specified fund shall be computed in accordance with the following formula, namely:- Income exempt under clause (4D) of section 10= A*C1 + B*C2 +D*FI+E*F2, where A = any income accrued or arisen to, or received by a specified fund as a result of transfer of capital asset referred to in clause (viiab) of section 47 , on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in convertible foreign exchange; B = any income accrued or arisen to, or received by a specified fund as a result of transfer of securities (other than shares in a company resident in India); C1 = ratio of the aggregate of daily assets under management of the specified fund held by non-resident unit holders (not being the permanent establishment of a non-resident in India) to the ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in relation to the statements so furnished under this rule. Explanation .- For the purpose of this rule, the expressions,- (a) assets under management means the closing balance of the value of assets or investments of the specified fund as on a particular date; (b) International Financial Services Centre shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005) (c) permanent establishment shall have the same meaning as assigned to it in clause (iiia) of section 92F; (d) securities shall have the meaning as assigned to it in clause (bb) of the Explanation to clause (4D) of section 10; (e) due date shall have the same meaning as assigned to it in the Explanation 2 to sub-section (1) of section 139; (f) specified fund shall have the same meaning as assigned to it in sub-clause (i) of clause (c) of the Explanation to clause (4D) of section 10; and (g) unit shall have the same meaning assigned to it in clause (f) of Explanation to clause (4D) of section 10. 21AJ.Determination of income of a specified fund attributable to units held by non-residents under sub-section (1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the statements so furnished under this rule. Explanation. - For the purpose of this rule, the expressions,- (a) assets under management means the closing balance of the value of assets or investments of the specified fund as on a particular date; (b) permanent establishment shall have the same meaning as assigned to it in clause (iiia) of section 92F; (c) securities shall have the same meaning as assigned to it in clause (bb) of the Explanation to clause (4D) of section 10; (d) due date shall have the same meaning as assigned to it in the Explanation 2 to sub-section (1) of section 139; (e) specified fund shall have the same meaning as assigned to it in sub-clause (i) of clause (c) of the Explanation to clause (4D) of section 10; and (f) unit shall have the same meaning as assigned to it in clause (f) of Explanation to clause (4D) of section 10. . 2. In the principal rules , after Form No.10IF , the following Forms shall be inserted, namely :- Form No.10IG [See sub-rule (2) of rule 21AI] Statement of Exempt income under clause (4D) of section 10 of the Income-tax Act, 1961 S.no. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total of Column (5) in Part I of Annexure 2 Total of Column (9) in Part I of Annexure 2 11. Income from a securitisation trust which is chargeable under the head Profits and gains of business or profession (E) Total of Column (5) in Part II of Annexure 2 Total of Column (9) in Part II of Annexure 2 12. Total Exempt Income under clause (4D) of section 10 Declaration I, ______________________________________________ (Name in full and in block letters) son/daughter/wife of _____________________________ do hereby declare that: (i) to the best of my knowledge and belief what is stated above and in the Annexure(s), including the documents accompanying such Annexure(s), is correct and complete; (ii) the fund has been granted a certificate of registration as a Category III Alternative Investment Fund and is regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s under management of the specified fund, from the date of acquisition of the capital asset/security to the date of transfer of such capital asset/security. Ratio Income attributable to units held by non-resident (not being a permanent establishment of a non- resident in India) (1) (2) (3) (4) (5) (6) (7) (8) = (6) / (7) (9) = (5) * (8) Part I. Income from of transfer of securities referred to in clause (viiab) of section 47, on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such 1. Total Part II. Income from Transfer of securities (other than shares in a company resident in I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... + add rows as required ^Relevant code to be selected 1. Dividend 2. Interest 3. Other Income. Please specify Form No.10IH [See sub-rule (3) of rule 21AJ] Statement of income of a Specified fund eligible for concessional taxation under section 115AD of the Income-tax Act, 1961 S. No. 1. Name of the Specified Fund: 2. Address of the registered office of the specified fund: 3. Legal status [company/ trust/ limited liability partnership/ body corporate]: 4. Permanent Account Number: 5. Previous year ending: 6. (i) Registration number as per the certificate of registration issued by the International Financial Services Centre Authority: (ii) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re 2 13. Income from securities as provided in clause (a) of sub-section (1) of section 115AD and which is chargeable @5% ( X2 ) Total of Column (5) in Part X2 of Annexure 2 Total of Column (9) in Part X2 of Annexure 2 Declaration I, __________________(Name in full and in block letters) son/daughter/wife of__________ do hereby declare that: (i) to the best of my knowledge and belief what is stated above and in the Annexure(s), including the documents accompanying such Annexure(s), is correct and complete; (ii) the fund has been granted a certificate of registration as a Category III Alternative Investment Fund and is regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992; (iii) the fund is located in an International Financial Services Centre; (iv) all the units of the Specified Fund are held by non-residents other than units held by a sponsor or a manger. I further declare that I am furnishing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (3) (4) (5) (6) (7) (8) = (6)/(7) (9) = (5)*(8) Part A1. Long Term Capital Gain income arising from transfer of securities as provided in clause (b) of sub-section (1) of section 115AD and which is chargeable @10% u/s 112A 1. Total Part A2. Long Term Capital Gain income arising from transfer of securities as provided in clause (b) of sub-section (1) of section 115AD and which is chargeable @10% (other than section 112A). 2. Total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total Part X2. Income from Securities which is chargeable @5% (194LD) under clause (a) of sub-section (1) of section 115AD 2. Total + add rows as required ^Relevant code to be selected 1. Dividend 2. Interest 3. Other Income. Please specify. . [F. No. 370142/20/2021-TPL] NEHA SAHAY, Under Secy. (Tax Policy and Legislation Division) Note: - The principal rules were published in the Gazette of India Extraordinary, Part III, section 3, sub-section (ii), vide notification number S.O. 969 (E), dated the 26th March, 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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