TMI BlogIncome-tax (34th Amendment) Rules, 2021. - Computation of exempt income of specified fund for the purposes of clause (23FF) of section 10X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax (34th Amendment) Rules, 2021. (2) They shall come into force from the date of publication in the Official Gazette. 2. In the Income-tax Rules, 1962 (hereafter referred to as the principal rules), after rule 2DC , the following rule shall be inserted, namely:- 2DD. Computation of exempt income of specified fund for the purposes of clause (23FF) of section 10. -(1) For the purpose of clause (23FF) of section 10, income of the nature of capital gains, arising or received by a specified fund, which is attributable to units held by non-resident (not being a permanent establishment of a non-resident in India) in such specified fund shall be computed as under:- (i) where the specified fund files Form No. 10-II in accord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tant before the specified date and such accountant shall furnish by that date the certificate in Form No. 10-IJ electronically under digital signature, which is duly verified in the manner indicated therein. (4) The Principal Director General of Income-tax (Systems) or the Director General of Income tax (Systems), as the case may be, shall specify the procedure for filing of the Form Nos. 10-II and 10-IJ and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to the statements so furnished under this rule. Explanation: - For the purposes of this rule, the expressions,- (a) assets under management means the closing balance of the value of assets or investment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. Registered address of the specified fund 4. Legal status of the specified fund [company/trust/limited liability partnership/body corporate] (Drop down) 5. Date of establishment / incorporation d d m m y y y y 6. Date of commencement of operations ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an agreement referred to in sub-section (1) of section 90 or sub-section (1) of section 90A has been entered into; or is established or incorporated or registered in a country or a specified territory as may be notified by the Central Government in this behalf Yes/No 13. Whether the original fund and its activities are subject to applicable investor protection regulations in the country or specified territory where it is established or incorporated or is a resident Yes/No 14. Whether the original fund fulfils conditions as may be prescribed under clause (viiad) of section 47 Yes/No 15. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Aggregate value 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), from the date of acquisition of the share of a company resident in India by the specified fund to the date of transfer of such share (2) Aggregate value of daily total 'assets under management' of the specified fund, from the date of acquisition of the share of a company resident in India by the specified fund to the date of transfer of such share . (3) Ratio as prescribed under rule 2DD (4) (2)/(3) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent establishment of a non-resident in India) which is exempt under clause (23FF) of section 10 of the Act and the total income exempt under the said clause for the previous year ending _________________, 2. I/We declare that the above particulars are true and correct to the best of my/our knowledge and belief. __________________________________ (Signature with name of the accountant) Place _________________ Date __________________ Instructions: 1 Where the specified fund has floated multiple schemes, the specified fund shall separately furnish the annual statement of exempt income in Form No. 10-II for each scheme; and 2. All amounts to be mentioned in Indian rupees. . [F. No. 370142/58/2021-TPL(Part-II)] ..... X X X X Extracts X X X X X X X X Extracts X X X X
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