Framing of rules with respect of Fund Manager Regime under section 9A of the Income-tax Act, 1961-Draft notification for inputs from stakeholders and the general public - F. No. 142/15/2015-TPL - Income Tax Act, 1961
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Fund manager remuneration formula prescribes asset-under-management rate and alternative profit- or fee-based calculations; requires certified reporting. The amendment prescribes the manner for calculating the minimum remuneration payable by eligible investment funds to fund managers under section 9A: a specified asset-under-management rate for certain foreign portfolio investor categories and, for other funds, alternative calculations comprising an asset-based rate, a profit-linked share above a specified hurdle for performance-linked remuneration, or a proportion of management fees net of operational expenses. The rules define 'asset under management', 'management fee' and 'specified hurdle rate', require an accountant's report in Form No. 3CEJA, and allow Board approval for lower amounts on application.
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Provisions expressly mentioned in the judgment/order text.
Fund manager remuneration formula prescribes asset-under-management rate and alternative profit- or fee-based calculations; requires certified reporting.
The amendment prescribes the manner for calculating the minimum remuneration payable by eligible investment funds to fund managers under section 9A: a specified asset-under-management rate for certain foreign portfolio investor categories and, for other funds, alternative calculations comprising an asset-based rate, a profit-linked share above a specified hurdle for performance-linked remuneration, or a proportion of management fees net of operational expenses. The rules define "asset under management", "management fee" and "specified hurdle rate", require an accountant's report in Form No. 3CEJA, and allow Board approval for lower amounts on application.
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