TaxTMI 
TaxTMI 
Income tax Amendment (22nd Amendment), Rules, 2021. - Computation of exempt income of specified fund for the purposes of clause (4D) of section 10. - Determination of income of a specified fund attributable to units held by non-residents under sub-section (1A) of section 115AD.
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.... Gazette. 2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), after rule 21AH, the following rules shall be inserted, namely:- '21AI. Computation of exempt income of specified fund for the purposes of clause (4D) of section 10.- (1). For the purpose of clause (4D) of section 10, income attributable to units held by non-resident (not being the permanent establishment of a non-resident in India) in a specified fund shall be computed in accordance with the following formula, namely:- Income exempt under clause (4D) of section 10= A*C1 + B*C2 +D*FI+E*F2, where A = any income accrued or arisen to, or received by a specified fund as a result of transfer of capital asset referred to in clause (viiab) of section 47 , on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in convertible foreign exchange; B = any income accrued or arisen to, or received by a specified fund as a result of transfer of securities (other than shares in a company resident in India); C1 = ratio of the aggregate of daily 'assets under management' of the specified ....
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....m No. 10IG and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to the statements so furnished under this rule. Explanation.- For the purpose of this rule, the expressions,- (a) "assets under management" means the closing balance of the value of assets or investments of the specified fund as on a particular date; (b) "International Financial Services Centre" shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005) (c) "permanent establishment" shall have the same meaning as assigned to it in clause (iiia) of section 92F; (d) "securities" shall have the meaning as assigned to it in clause (bb) of the Explanation to clause (4D) of section 10; (e) "due date" shall have the same meaning as assigned to it in the Explanation 2 to sub-section (1) of section 139; (f) "specified fund" shall have the same meaning as assigned to it in sub-clause (i) of clause (c) of the Explanation to clause (4D) of section 10; and (g) "unit" shall have the same m....
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....x (Systems), as the case may be, shall specify the procedure for filing of the Form No. 10IH and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to the statements so furnished under this rule. Explanation.- For the purpose of this rule, the expressions,- (a) "assets under management" means the closing balance of the value of assets or investments of the specified fund as on a particular date; (b) "permanent establishment" shall have the same meaning as assigned to it in clause (iiia) of section 92F; (c) "securities" shall have the same meaning as assigned to it in clause (bb) of the Explanation to clause (4D) of section 10; (d) "due date" shall have the same meaning as assigned to it in the Explanation 2 to sub-section (1) of section 139; (e) "specified fund" shall have the same meaning as assigned to it in sub-clause (i) of clause (c) of the Explanation to clause (4D) of section 10; and (f) "unit" shall have the same meaning as assigned to it in clause (f) of Explanation to clause (4D) of section 10.'. ....
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.... Part II of Annexure 2 Total of Column (9) in Part II of Annexure 2 12. Total Exempt Income under clause (4D) of section 10 Declaration I, ______________________________________________ (Name in full and in block letters) son/daughter/wife of _____________________________ do hereby declare that: (i) to the best of my knowledge and belief what is stated above and in the Annexure(s), including the documents accompanying such Annexure(s), is correct and complete; (ii) the fund has been granted a certificate of registration as a Category III Alternative Investment Fund and is regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992; (iii) the fund is located in an International Financial Services Centre; (iv) all the units of the Specified Fund are held by non-residents other than units held by a sponsor or a manger. I further declare that I am furnishing such statement in my capacity as_____________________________(designation) and that I am competent to make this....
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....sident in India) (1) (2) (3) (4) (5) (6) (7) (8) = (6) / (7) (9) = (5) * (8) Part I. Income from of transfer of securities referred to in clause (viiab) of section 47, on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such 1. Total Part II. Income from Transfer of securities (other than shares in a company resident in India) 2. Total + add rows depending upon number of securities Annexure 2 S. No. Name of Security Nature of income^ Date of receipt of income (dd/mm/yyyy) Income (In Rs) Assets under management held by nonresident unit&n....
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....t of a non-resident in India) 8. Long Term Capital Gain income arising from transfer of securities as provided in clause (b) of sub-section (1) of section 115AD and which is chargeable @10% u/s 112A(A1) Total of Column (5) in Part A1 of Annexure 1 Total of Column (9) in Part A1 of Annexure 1 9. Long Term Capital Gain income arising from transfer of securities as provided in clause (b) of sub-section (1) of section 115AD and which is chargeable @10% (other than section 112A) (A2) Total of Column (5) in Part A2 of Annexure 1 Total of Column (9) in Part A2 of Annexure 1 10. Short Term Capital Gain income arising from transfer of securities as provided in clause (b) of sub-section (1) of section 115AD and which is chargeable @15% u/s 111A (A3) Total of Column (5) in Part A3 of Annexure 1 Total of Column (9) in Part A3 of Annexure 1 11. Short Term Capital Gain income arising from transfer of securities as provided in clause (b) of sub-section (1) of section 115AD and which is chargeable @30% (A4) Total of Column (5) in Part A4 of Annexure 1 Total of Column (9) in Part A4 of Annexure 1 ....
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....cial Services Centres Authority Act, 2019 (50 of 2019). 5. "Permanent establishment" shall have the meaning assigned to it in clause (iiia) of section 92F. 6. "Securities" shall have the meaning assigned to it in in clause (bb) of the Explanation to clause (4D) of section 10. 7. "Specified fund" shall have the same meaning assigned to it in sub-clause (i) of clause (c) of the Explanation to clause (4D) of section 10. 8. "Unit" shall have the same meaning assigned to it clause (f) of Explanation to clause (4D) of section 10. 9. All amount to be mentioned in Indian rupees. Annexure 1 S. No. Name of security Date of acquisition (dd/mm/yyyy) Date of transfer (dd/mm/yyyy) Capital Gain (In Rs) Aggregate of daily 'assets under management' of the specified fund held by non-resident unit holders (not being the permanent establishment of a non- resident in India)from the date of acquisition of the security to the date of transfer of such secu....