TMI BlogIncome-tax (Seventeenth Amendment), Rules, 2022 - Additional conditions required to be fulfilled by a specified fund for availing exemption u/s 10(4D)X X X X Extracts X X X X X X X X Extracts X X X X ..... nits held by non-resident (not being the permanent establishment of a nonresident in India) in a specified fund shall not be exempt under clause (4D) of section 10 of the Act unless the specified fund complies with sub-rule (2). ; (ii) after rule 21AI , the following rule shall be inserted, namely:- 21AIA . Other conditions required to be fulfilled by a specified fund referred to in clause (4D) of section 10 of the Act .-(1) For the purposes of the proviso to item (III) of sub-clause (i) of clause (c) of the Explanation to clause (4D) of section 10 of the Act, the other conditions required to be fulfilled by a specified fund shall be that - (a) the unit holder of the specified fund, other than the sponsor or manager of such fund, who becomes a resident under clause (1) or clause (1A) of section 6 of the Act during any previous year subsequent to the previous year in which such unit or units were issued, shall cease to be a unit holder of such specified fund within a period of three months from the end of the previous year in which he becomes a resident; (b) for the purposes of clause (a), the specified fund shall maintain the following documents in respect of its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... investment division furnishes an annual statement of income, eligible for taxation under sub-section (1B) of section 115AD of the Act, in Form No. 10-IK in accordance with sub-rule (2). . 3. In the principal rules , in the APPENDIX for Form No. 10-IG , the following Form shall be substituted, namely: - Form No.10-IG Statement of exempt income under clause (4D) of section 10 of the Income-tax Act, 1961 [See sub-rule (2) of rule 21AI and sub-rule (2) of rule 21AIA] 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: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of resident unit holder PAN of resident, if available Tax Identification Number in country of residence during the previous year when unit was issued Total Number of units held Value of units held in Rs. Whether sponsor or manager Yes/No Whether the resident has become a resident under clause (1) or clause (1A) of section 6 of the Act during this previous year subsequent to the previous year in which such unit or units were issued? Yes/No If yes date of exit from fund dd/mm/yyyy Total 15. Aggregate value of units (Rs. in crore) during the previous year 16. Aggregate number of units during the previous year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Designation Notes: 1. Attach a copy of the certificate of registration under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012; 2. Assets under management means the closing balance of the value of assets or investments of the specified fund as on a particular date; 3. 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); 4. International Financial Services Centre Authority means an authority established under sub-section (1) of section 4 of the International Financial Services Centre Authority Act, 2019 (50 of 2019); 5. permanent establishment shall have the same meaning as assigned to it in clause (iiia) of section 92F; 6. securities shall have the same meaning as assigned to it in in clause (bb) of the Explanation to clause (4D) of section 10; 7. 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 8. unit shall have the sam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) * (8) Total + add rows depending upon number of securities Annexure 2 S. No. Name of Security Nature of income^ Date of receipt of income (dd/mm/yyyy) Income (In Rs.) Assets under management held by non-resident unit holders (not being the permanent establishment of a non-resident in India) as on the date of receipt of income Total 'asset under management' as on the date of receipt of income. 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) = ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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