TMI BlogIncome tax (1st Amendment), Rules, 2022 - New Rule 21AJA. Computation of exempt income of specified fund, attributable to the investment division of an offshore banking unit, for the purposes of clause (4D) of section 10 of the Act - Determination of income of a specified fund attributable to the investment division of an offshore banking unit under sub-section (1B) of section 115AD of the Act.X X X X Extracts X X X X X X X X Extracts X X X X ..... ter referred to as the principal rules), after rule 21AJ , the following rules shall be inserted, namely:- 21AJA. Computation of exempt income of specified fund, attributable to the investment division of an offshore banking unit, for the purposes of clause (4D) of section 10 of the Act- (1) For the purposes of clause (4D) of section 10 of the Act, income of specified fund attributable to the investment division of an offshore banking unit shall be computed in accordance with the following formula, namely:- A+B+C+D where , A = any income accrued or arisen to, or received by the eligible investment division as a result of transfer of a capital asset referred to in clause (viiab) of section 47 of the Act held by it, 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 the eligible investment division as a result of transfer of securities held by it (other than shares in a company resident in India); C= any income accrued or arisen to, or received by the eligible investment divisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (4) The Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems), as the case may be, shall,- (i) specify the procedures, formats and standards for ensuring secure capture and transmission of data; and (ii) be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to Form No 10-IK and Form No 10-IL. Explanation. - For the purpose of this rule, the expressions,- (a) accountant shall have the same meaning as assigned to it in the Explanation below subsection (2) of section 288 of the Act; (b) due date shall have the same meaning as assigned to it in the Explanation 2 to sub-section (1) of section 139 of the Act; (c) eligible investment division shall mean a registered investment division which fulfills the conditions as prescribed under item II of sub-clause (ii) of clause (c) of the Explanation to clause (4D) of section 10 of the Act; (d) investment division of an offshore banking unit shall have the same meaning as assigned to it in clause (aa) of the Explanation to clause (4D) of section 10 of the Act; (e) registered investment division shall mean an inve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... D of the Act, being in the nature of interest referred to in section 194LD of the Act, held by the eligible investment division; F= income from securities, held by the eligible investment division, as referred to in clause (a) of subsection (1) of section 115AD of the Act and not included in item E above. Explanation: Any expenditure incurred for the purposes of making or earning an income referred to in items A or B or C or D or E or F shall not be allowed as a deduction from income from any other activity or source, irrespective of the fact that such expenditure has been not allowed as a deduction against income referred to in items A or B or C or D or E or F, as the case may be. (2) The eligible investment division shall furnish an annual statement of income, eligible for taxation under sub-section (1B) of section 115AD of the Act, in Form No. 10-IK electronically under digital signature on or before the due date, which is duly verified in the manner indicated therein. Explanation.- For the purpose of this rule, the expressions,- (a) due date shall have the same meaning as assigned to it in the Explanation 2 to sub-section (1) of section 139 of the Act; (b) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y y y y 8. 1. Registration number as per the certificate of registration as a Category-I foreign portfolio investor under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 2. Date of registration d d m m y y y y 9. Whether conditions as mandated by sub-rule (3) of Rule 21AJA are fulfilled Yes/No 10. Calculation of income exempt under clause (4D) of section 10 of the Act Income accrued or arisen or received by the eligible investment division from transfer of capital asset referred to in clause (viiab) of section 47 of the Act held by it, on a re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m capital gain referred to in clause (b) of sub-section (1) of section 115AD of the Act, accrued or arisen to, or received by the eligible investment division as a result of transfer of a security, other than that referred to in section 111A of the Act, and which is held by such investment division.( D ) (In Rs) Income from securities referred to in clause (a) of sub-section (1) of section 115AD of the Act, being in the nature of interest referred to in section 194LD of the Act, held by the eligible investment division.( E ) Income from securities, held by the eligible investment division, as referred to in clause (a) of sub-section (1) of section 115AD of the Act and not included in item E above. (F ) (In Rs) Income of the eligible investment division [ A+B+C+D+E+F ] (In Rs) Declaration I, ___________________________________________Name in full and in block letters) son/daughter/wife of _______________________________ do hereby declare that to the best of my knowledge and belief what is stated in the Form above i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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