Tax provision amendment: section 115UB now covers fund managers regulated under IFSC fund management regulations. The amendment inserts wording into Explanation 1, clause (a) of the income tax provision to include funds and fund management arrangements regulated under ... Summary
Tax provision amendment: section 115UB now covers fund managers regulated under IFSC fund management regulations.
The amendment inserts wording into Explanation 1, clause (a) of the income tax provision to include funds and fund management arrangements regulated under the International Financial Services Centre fund management regulations, thereby expressly recognising such IFSC regulated funds within the provision's explanatory scope for tax characterisation.
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