Investment fund definition expanded to include IFSC fund management regulations, changing income tax coverage for funds and unit holders. The amendment incorporates funds regulated under the International Financial Services Centres Authority (Fund Management) Regulations, 2022 into the definition of investment fund in Explanation 1, clause (a) to section 115UB, thereby extending the special income tax regime for investment funds and their unit holders to IFSC regulated fund management arrangements and applying from the commencement year specified in the Bill.
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Investment fund definition expanded to include IFSC fund management regulations, changing income tax coverage for funds and unit holders.
The amendment incorporates funds regulated under the International Financial Services Centres Authority (Fund Management) Regulations, 2022 into the definition of investment fund in Explanation 1, clause (a) to section 115UB, thereby extending the special income tax regime for investment funds and their unit holders to IFSC regulated fund management arrangements and applying from the commencement year specified in the Bill.
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