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Provide for pass through of losses in cases of Category I and Category II Alternative Investment Fund (AIF)

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Full Text of the Document

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.... the Category I and II AIF, except for business income which is taxed at AIF level. Pass through of profits (other than profit & gains from business) has been allowed to individual investors so as to give them benefit of lower rate of tax, if applicable. Pass through of losses are not provided under the existing regime and are retained at AIF level to be carried forward and set off in accordance w....