Exempt income computation for specified funds hinges on asset-management ratios, source-wise income apportionment, and annual reporting compliance. Computation of the exempt income of a specified fund attributable to units held by a non-resident is based on a formula applying ratios of non-resident ... Summary
Exempt income computation for specified funds hinges on asset-management ratios, source-wise income apportionment, and annual reporting compliance.
Computation of the exempt income of a specified fund attributable to units held by a non-resident is based on a formula applying ratios of non-resident assets under management to total assets under management across specified income streams, including transfers of capital assets in an International Financial Services Centre, transfers of qualifying securities, income from certain non-resident securities, and income from securitisation trusts. The specified fund must also furnish an annual statement of exempt income in Form No. 68 electronically under digital signature by the prescribed due date, and exemption is unavailable unless this reporting requirement is complied with.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.