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, ... Summary
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.