Schedule VI amendment tightens non-resident unit-holding conditions and updates the year reference for specified income-tax treatment. Schedule VI to the Income-tax Act is amended in Note 1, clause (g), to revise the unit-holding condition so that all units other than those held by a sponsor or manager are held by non-residents, subject to an exception for non-residents who later become resident and a cap that resident unit holders do not exceed 5% of total units and meet prescribed conditions. The year reference in sub-clause (ii), item (A), is also changed from 2025 to 2030.
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Provisions expressly mentioned in the judgment/order text.
Schedule VI amendment tightens non-resident unit-holding conditions and updates the year reference for specified income-tax treatment.
Schedule VI to the Income-tax Act is amended in Note 1, clause (g), to revise the unit-holding condition so that all units other than those held by a sponsor or manager are held by non-residents, subject to an exception for non-residents who later become resident and a cap that resident unit holders do not exceed 5% of total units and meet prescribed conditions. The year reference in sub-clause (ii), item (A), is also changed from 2025 to 2030.
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