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of <h1>Rule 2DD: Exempt Income for Funds Under Section 10 Clause (23FF) Requires Form No. 10-II for Capital Gains Exemption.</h1> Rule 2DD outlines the computation of exempt income for specified funds under clause (23FF) of section 10 of the Income Tax Act. It specifies that capital gains attributable to non-resident unit holders in a specified fund are exempt if Form No. 10-II is filed. The exempt income is calculated using a formula involving the fund's daily assets under management. If Form No. 10-II is not filed, the exempt income is nil. The specified fund must submit an annual statement of exempt income electronically, certified by an accountant. The rule also defines key terms and assigns responsibilities for filing procedures and security measures.
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