Income-tax (34th Amendment) Rules, 2021. - Computation of exempt income of specified fund for the purposes of clause (23FF) of section 10

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hey shall come into force from the date of publication in the Official Gazette. 2. In the Income-tax Rules, 1962 (hereafter referred to as the principal rules), after rule 2DC, the following rule shall be inserted, namely:- "2DD. Computation of exempt income of specified fund for the purposes of clause (23FF) of section 10.-(1) For the purpose of clause (23FF) of section 10, income of the nature of capital gains, arising or received by a specified fund, which is attributable to units held by non-resident (not being a permanent establishment of a non-resident in India) in such specified fund shall be computed as under:- (i) where the specified fund files Form No. 10-II in accordance with sub-rule (2), the Income exempt under clause (23FF)....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....at date the certificate in Form No. 10-IJ electronically under digital signature, which is duly verified in the manner indicated therein. (4) The Principal Director General of Income-tax (Systems) or the Director General of Income tax (Systems), as the case may be, shall specify the procedure for filing of the Form Nos. 10-II and 10-IJ 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 purposes 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) "due date" shall have th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e of commencement of operations d d m m y y y y 7. 1. Registration number as per the certificate of registration issued by the International Financial Services Centres Authority 2. Date of registration d d m m y y y y 8. Whether all the units of the specified Fund are held by non-residents other than units held by a sponsor or a manger Yes/No 9. Name of the original fund and its wholly owned special purpose vehicle 10. Registered address of the original fund and its wholly owned special purpose vehicle 11. Whether the original fund is a person resident in India Yes/No 12. Whether the original fund is a resident of a country or a specified territory with which an agreement referred to in sub-section (1) of s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....9; 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 share of a company resident in India by the specified fund to the date of transfer of such share (2) Aggregate value of daily total 'assets under management' of the specified fund, from the date of acquisition of the share of a company resident in India by the specified fund to the date of transfer of such share. (3) Ratio as prescribed under rule 2DD (4) (2)/(3) Income attributable to units held by non-resident (not being a permanent establishment of a non-resident in India) (5) (1)*(4) I, __________(Name in full and in block letters) son/daughter/wife of __________....