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of <h1>Section 115UB establishes pass-through taxation for investment funds treating unit holders as direct investors</h1> Section 115UB of the Income Tax Act establishes pass-through taxation for investment funds and unit holders. Unit holders are taxed as if they made direct investments rather than through the fund. Business losses can be carried forward by the fund, while other losses are generally ignored unless units are held for at least twelve months. Investment funds face tax at specified rates or maximum marginal rates. The provision includes deemed credit rules, reporting requirements, and defines investment funds as Category I or II Alternative Investment Funds regulated under SEBI or IFSCA regulations.
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