Taxation of Investment Fund: income taxed at prescribed entity rates; non-PGBP distributions taxed in hands of unit holders with TDS obligations. Section 115UB governs taxation of a registered Category I or II Alternative Investment Fund, prescribing that income computation distinguishes PGBP losses (carried forward and set off under general rules but ignored for Section 115UB purposes) from other losses (ignored for Section 115UB when units were held for under twelve months). Losses at the fund level as of 31 March 2019 are deemed to belong to unit holders who held units then and may be carried forward by them; such deemed losses are not available to the fund on or after 1 April 2019. The fund's total income is taxed at rates determined by its legal form and distributions of non-PGBP income require TDS and specific reporting and filing obligations.
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.
Taxation of Investment Fund: income taxed at prescribed entity rates; non-PGBP distributions taxed in hands of unit holders with TDS obligations.
Section 115UB governs taxation of a registered Category I or II Alternative Investment Fund, prescribing that income computation distinguishes PGBP losses (carried forward and set off under general rules but ignored for Section 115UB purposes) from other losses (ignored for Section 115UB when units were held for under twelve months). Losses at the fund level as of 31 March 2019 are deemed to belong to unit holders who held units then and may be carried forward by them; such deemed losses are not available to the fund on or after 1 April 2019. The fund's total income is taxed at rates determined by its legal form and distributions of non-PGBP income require TDS and specific reporting and filing obligations.
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