Clarification regarding taxation of 'Alternate Investment Funds' having status of non-charitable trusts under the Income-tax Act, 1961 - regarding.

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....14 Subject: - Clarification regarding taxation of 'Alternate Investment Funds' having status of non-charitable trusts under the Income-tax Act, 1961 - regarding. 1. The SEBI (Alterative Investment Funds) Regulations, 2012 ('AIF Regulations') vide Regulation No.4 issued in May 2012 aims at regulating all forms of private pool of funds in India. The said Regulations divide the ....

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....al Undertaking), clarification has been sought about tax-treatment in cases of AIFs being non-charitable trusts where the investors name and beneficial interest are not explicitly known on the date of its creation - such information becoming available only when the funds starts accepting contributions from the investors. 3. Board has been requested to clarify whether the income of such funds wo....

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....ady been taxed in the hands of the 'Representative Assessee' in accordance with sub-section (1) of section 164 of the Act. 5. However, in cases of funds where names of the beneficiaries and their interests in the Fund are determined i.e. stated in the trust deed, the tax on whole of the income of the Fund - consisting of or including profits and gains of business, would be leviable upon....