The last date for appeals before the Appellate Tribunal against orders communicated before 1 May 2026, and for applications concerning orders passed before 1 February 2026, is fixed as 31 July 2026. Appeals involving later communicated orders remain subject to a three-month period from communication, while applications involving later orders remain subject to a six-month period from the date of the order. The revised framework operates from 30 June 2026 and preserves prior actions and omissions.

Appellate Tribunal filing timelines under section 112 are revised, while preserving acts done or omitted before supersession. Appeals against orders communicated before 1 May 2026 may be filed up to 31 July 2026; appeals against later communications must be filed within three months. Applications concerning orders passed before 1 February 2026 may be filed up to 31 July 2026; applications concerning later orders must be filed within six months from the order date.

Salary arrears relating to a deceased employee's service period ordinarily remain the deceased employee's income and are not automatically exempt because payment is received after death. Receipt by the surviving spouse as legal heir does not require clubbing with that spouse's salary income. Assessment should ordinarily be made through the legal representative. Year-wise allocation of arrears should be considered for salary-arrears relief, while any ex-gratia or death-related component requires separate tax treatment.

Powers under Section 83 of the Delhi Goods and Services Tax Act, 2017 are delegated to Assistant Commissioners and Goods and Services Tax Officers. Each Proper Officer must obtain case-to-case approval from the concerned Zonal Incharge, Special Commissioner, Additional Commissioner, or Joint Commissioner before exercising the delegated powers.

Third-party fund management services are excluded from Regulation 107M where an FME's parent entity or any associate provides fund-management-related support or advice to that FME. The relevant regulatory part is inapplicable to schemes of an FME affected by such parent-entity or associate involvement.

All other relevant provisions of the International Financial Services Centres Authority (Fund Management) Regulations, 2025, including circulars or guidelines issued under them, apply mutatis mutandis to FMEs authorised under the third-party fund management services framework. The application covers schemes managed under a third-party fund management arrangement, unless an express contrary specification applies.

An FME using third-party fund management services must verify the third party's eligibility, capability and careful onboarding, while retaining liability towards Restricted Schemes and investors. It must monitor activities, review services, share reports with fiduciaries, maintain termination rights and obtain suitable indemnity. The FME remains responsible for all acts, omissions and commissions of the third party connected with the services.

Fund Management Entities undertaking third-party fund management must maintain a comprehensive internal risk-management framework addressing arrangement-specific risks and conflicts. They must ensure segregation of funds and operational independence of all schemes, extend investor complaint and dispute mechanisms to third-party managed schemes, and conduct periodic internal audits and compliance reviews. Audit and review reports must be submitted to fiduciaries, alongside any further measures specified by the Authority.

Third-party fund management services for Restricted Schemes require the Fund Management Entity, in addition to regulation 36 disclosures, to include a separate prominent section in the placement memorandum. The section must identify the third party and persons effectively conducting its business, set out segregated responsibilities of the Fund Management Entity and third party, and disclose potential conflicts with proposed avoidance, resolution and mitigation measures. Further disclosures may be specified by the Authority.

Third-party fund management services may be provided by an FME only to a third-party fund manager incorporated in India, an IFSC or a foreign jurisdiction, with adequate resources and experienced responsible persons. The third-party and its relevant officers, directors, partners, designated partners, key managerial personnel and controlling shareholders must satisfy fit-and-proper requirements. Eligibility is not affected merely because its ultimate or interim parent entity is not engaged in fund management activities.

Regulation 107G requires a Fund Management Entity to manage Restricted Schemes under a third-party fund management arrangement in accordance with Part B of Chapter III. Such schemes are subject to a corpus ceiling of USD 50 million or another value specified by the Authority. The participating third party is deemed to be an associate of the Fund Management Entity for compliance with the applicable associate-related requirements.

Scheme of Amalgamation received the required shareholder and creditor approvals, with meetings dispensed with, and complied with statutory notice and publication requirements. The Official Liquidator found no complaint or prejudice to members, creditors or public interest, while the Central Government raised no objection. Continuity of service for employees of the transferor companies was preserved. The scheme was sanctioned under the Companies Act, 1956, and took effect from the appointed date, dissolving the transferor companies without winding up.

Wholly for charitable or religious purposes, for purposes of Part B relating to non-profit organisations under the Income-tax Act, 2025, includes activities undertaken wholly for charitable purposes, wholly for religious purposes, or wholly for both charitable and religious purposes. The expression encompasses each of these exclusive-purpose categories within the applicable non-profit organisation framework.

Third-party fund management services require a Fund Management Entity seeking authorisation to maintain an additional net worth of USD 500,000 or such other amount as may be specified by the Authority. This amount must be separately maintained, in addition to net worth required for registered fund management, schemes, portfolio management services, other permitted activities without third-party arrangements, and activities conducted within or outside the International Financial Services Centre.

Third-party fund management requires a dedicated Principal Officer for each scheme, responsible for fund management, risk management and compliance. Non-Retail Fund Management Entities may use their existing Compliance Officer for specified self-managed, portfolio management and third-party-managed schemes, while Retail Fund Management Entities must keep Retail Scheme and Non-Retail Scheme compliance roles separate. Assets under management of third-party-managed schemes count for additional key managerial personnel requirements, excluding fund of funds schemes.

A Fund Management Entity seeking authorisation for third-party fund management services in an IFSC must be constituted as a company, limited liability partnership, or another form permitted by the Authority. Its constitutional documents must expressly authorise the provision of third-party fund management services.

Third-party fund management services require an FME to obtain authorisation and comply with applicable conditions. The FME must maintain a strengthened compliance function, with resources proportionate to its IFSC operations and adequate scheme-specific compliance oversight. The FME and fiduciaries must ensure compliance, while the FME remains liable for all obligations and liabilities arising from a third-party fund management arrangement despite any contractual or indemnification arrangement with the third party.

Third-party fund management services or arrangements arise where a Registered FME manages schemes on behalf of a third party. A third-party fund manager includes an entity registered or regulated by the relevant financial-sector regulator in its country of incorporation for fund management, portfolio management, investment advisory, or a similar activity, and which avails such services from a Registered FME.

Value means the value of any benefit or facility granted or provided free of cost or at a concessional rate. For specified NPO-related purposes under the Income-tax Act, 2025, the recipient is a related person. Under the Income-tax Act, 1961, the term applies to persons identified under the relevant categories of section 13(3).

Before sanctioning a GST or DVAT refund, the proper officer must verify whether insolvency or liquidation proceedings are pending or concluded against the registered person and ascertain the status of departmental dues or claims. Government dues are operational credit under the Insolvency and Bankruptcy Code and require filing of a claim before the insolvency resolution professional or liquidator. Where proceedings exist, refund processing must be undertaken through the zonal in-charge in consultation with the Law and Judicial Branch. DVAT electronic payment files require certification that no such proceeding exists.