Exempt income statement for specified funds outlines disclosure, share-transfer details, and prescribed attribution of capital gains. Statement of exempt income under Schedule VI for a specified fund requires disclosure of the fund's identifying particulars, tax year, legal status, establishment and registration details, and confirmation that all units are held by non-residents other than a sponsor or manager. It also captures particulars of the original fund and its wholly owned special purpose vehicle, details of transfers of shares of a company resident in India, and the computation of exempt income by applying the prescribed ratio of assets under management held by non-resident unit holders to total assets under management. The statement must be verified and supported by accountant certification in Form No. 179.
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.
Exempt income statement for specified funds outlines disclosure, share-transfer details, and prescribed attribution of capital gains.
Statement of exempt income under Schedule VI for a specified fund requires disclosure of the fund's identifying particulars, tax year, legal status, establishment and registration details, and confirmation that all units are held by non-residents other than a sponsor or manager. It also captures particulars of the original fund and its wholly owned special purpose vehicle, details of transfers of shares of a company resident in India, and the computation of exempt income by applying the prescribed ratio of assets under management held by non-resident unit holders to total assets under management. The statement must be verified and supported by accountant certification in Form No. 179.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
