Notification power to relax eligibility conditions for eligible investment funds with IFSC based fund managers, altering tax connection rules. The amendment inserts sub section (8A) permitting the Central Government, by notification, to exempt or modify any of the conditions in sub sections (3) or (4) for an eligible investment fund and its eligible fund manager where that manager is located in an International Financial Services Centre and commenced operations on or before 31 March 2024; the change is effective 1 April 2022 and applies to assessment year 2022-2023 onwards.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Notification power to relax eligibility conditions for eligible investment funds with IFSC based fund managers, altering tax connection rules.
The amendment inserts sub section (8A) permitting the Central Government, by notification, to exempt or modify any of the conditions in sub sections (3) or (4) for an eligible investment fund and its eligible fund manager where that manager is located in an International Financial Services Centre and commenced operations on or before 31 March 2024; the change is effective 1 April 2022 and applies to assessment year 2022-2023 onwards.
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