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of <h1>New IT Rules: Exempt Income for Non-Resident Fund Units Defined u/s 10(23FF) of Income-tax Act 1961.</h1> The Income-tax (34th Amendment) Rules, 2021, introduced by the Central Board of Direct Taxes, amend the Income-tax Rules, 1962, to define the computation of exempt income for specified funds under clause (23FF) of section 10 of the Income-tax Act, 1961. The rules specify that capital gains income from specified funds, attributable to units held by non-residents, is exempt if certain conditions are met, including filing Form No. 10-II. The rules outline the formula for computing exempt income and the requirements for filing and certifying annual statements electronically. Definitions and procedural details are provided for compliance and implementation.
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