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of <h1>New Section 9A of Income-tax Act: Investment Funds Managed in India Won't Establish Business Connection, Avoiding Taxation</h1> The new section 9A of the Income-tax Act, effective from April 1, 2016, specifies that certain activities will not constitute a business connection in India. For eligible investment funds managed by an eligible fund manager in India, these activities will not establish a business connection, thus not subjecting the fund to Indian taxation. The section outlines conditions for funds and managers, including fund residency, participation limits, investment restrictions, and managerial independence. It mandates annual reporting to tax authorities and clarifies that income inclusion is unaffected by the fund manager's activities. Definitions for terms like 'associate' and 'corpus' are provided.
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