TaxTMI 
TaxTMI 
Income-tax (34th Amendment) Rules, 2021. - Computation of exempt income of specified fund for the purposes of clause (23FF) of section 10
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....e called the Income-tax (34th Amendment) Rules, 2021. (2) They 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....
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....ule (2), certified by an accountant before the specified date and such accountant shall furnish by that 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 ....
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....d 4. Legal status of the specified fund [company/trust/limited liability partnership/body corporate] (Drop down) 5. Date of establishment / incorporation d d m m y y y y 6. Date 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....
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.... S.No. Name of the company resident in India whose shares are transferred No. of Shares Date of acquisition Cost of acquisition Date of transfer Sale consideration (A) (B) (C) (D) (E) (F) 19. Computation of the exempt income under clause (23FF) of section 10 of the Income-tax Act, 1961 Income of the nature of capital gains, arising or received by the resultant fund, on account of transfer of share of a company resident in India (1) Rs. Aggregate value of daily 'assets under management' of the specified fund held by non-resident unit holders (not being the permanent establishment of a non-resident ....
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....________________________ have examined the books of account, if any, and other documents, including the annual statement in Form No.10-II, showing the particulars of income of the nature of capital gains, arising or received by _________________________(name of the specified fund), on account of transfer of share of a company resident in India, by the specified fund to the extent attributable to units held by non-resident (not being a permanent establishment of a non-resident in India) which is exempt under clause (23FF) of section 10 of the Act and the total income exempt under the said clause for the previous year ending _________________, 2. I/We declare that the above particulars are true and correct to the best of my/our knowledge a....