Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
CBDT amended Income Tax Rules 1962 through Second Amendment Rules 2025, introducing key changes for International Financial Services Centres. New provisions establish conditions for Venture Capital Funds under section 10(23FB), requiring them to operate as Category I Alternative Investment Funds. Rule 21ACA specifies permissible activities for Finance Companies in IFSCs, including lending, factoring, and treasury operations. Additional amendments to Rule 21AIA introduce strict requirements for retail schemes, mandating minimum investor diversification and investment limits. Exchange Traded Funds must be listed on recognized exchanges and comply with IFSCA regulations. These amendments enhance regulatory framework for fund management and financial operations in IFSCs, effective upon official gazette publication.
CBDT amended Income Tax Rules 1962 through Second Amendment Rules 2025, introducing key changes for International Financial Services Centres. New provisions establish conditions for Venture Capital Funds under section 10(23FB), requiring them to operate as Category I Alternative Investment Funds. Rule 21ACA specifies permissible activities for Finance Companies in IFSCs, including lending, factoring, and treasury operations. Additional amendments to Rule 21AIA introduce strict requirements for retail schemes, mandating minimum investor diversification and investment limits. Exchange Traded Funds must be listed on recognized exchanges and comply with IFSCA regulations. These amendments enhance regulatory framework for fund management and financial operations in IFSCs, effective upon official gazette publication.
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