Understanding "Unit" Definitions in Sections 94 and 115UB of Income Tax Act 1961 for Investment Funds
For the purposes of section 94 of the Income Tax Act 1961, "unit" is defined as a unit of a business trust, a unit as per section 115AB, or the beneficial interest of an investor in an Alternative Investment Fund, including shares or partnership interests. Under section 115UB, related to Chapter XII-FB, "unit" refers to the beneficial interest of an investor in an investment fund or its scheme, also including shares or partnership interests. These definitions are crucial for understanding tax implications on investment funds and related interests.