Taxation of investment fund income: unit holders taxed as if investments were made directly, with deemed attribution rules applying. A special tax regime treats income received by unit holders of registered Category I/II Alternative Investment Funds as if the investments had been made directly by those unit holders; income is deemed of the same nature and proportion in the hands of unit holders, amounts not paid or credited are deemed credited on the last day of the previous year, fund losses are carried forward under Chapter VI but ignored for attributing income to unit holders, specified tax rates apply, certain chapters do not apply to such income, and prescribed reporting by the fund and payer to unit holders and tax authorities is required.