Income-tax (Seventeenth Amendment), Rules, 2022 - Additional conditions required to be fulfilled by a specified fund for availing exemption u/s 10(4D)

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....ome attributable to units held by non-resident (not being the permanent establishment of a nonresident in India) in a specified fund shall not be exempt under clause (4D) of section 10 of the Act unless the specified fund complies with sub-rule (2)."; (ii) after rule 21AI, the following rule shall be inserted, namely:- "21AIA. Other conditions required to be fulfilled by a specified fund referred to in clause (4D) of section 10 of the Act.-(1) For the purposes of the proviso to item (III) of sub-clause (i) of clause (c) of the Explanation to clause (4D) of section 10 of the Act, the "other conditions" required to be fulfilled by a specified fund shall be that - (a) the unit holder of the specified fund, other than the sponsor or manager of such fund, who becomes a resident under clause (1) or clause (1A) of section 6 of the Act during any previous year subsequent to the previous year in which such unit or units were issued, shall cease to be a unit holder of such specified fund within a period of three months from the end of the previous year in which he becomes a resident; (b) for the purposes of clause (a), the specified fund shall maintain the follo....

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....on (1) of section 115AD shall not be eligible for tax rates specified under section 115AD unless the eligible investment division furnishes an annual statement of income, eligible for taxation under sub-section (1B) of section 115AD of the Act, in Form No. 10-IK in accordance with sub-rule (2).". 3. In the principal rules, in the APPENDIX for Form No. 10-IG, the following Form shall be substituted, namely: - "Form No.10-IG Statement of exempt income under clause (4D) of section 10 of the Income-tax Act, 1961 [See sub-rule (2) of rule 21AI and sub-rule (2) of rule 21AIA] S. No.     1. Name of the Specified Fund:   2. Address of the registered office of the specified fund:   3. Legal status [company/ trust/ limited liability partnership/ body corporate]:   4. Permanent account number:   5. Previous year ending:   6. (i) Registration number as per the certificate of registration issued by the International Financial Services Centre Authority:     (ii) Date of registration: dd/mm/yyyy 7.  Total Income of Specified Fun....

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....   15. Aggregate value of units (Rs. in crore) during the previous year                     16. Aggregate number of units during the previous year                     17. Proportion of units (value) held by residents during the previous year   18. Proportion of units (number) held by residents during the previous year   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....

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....ection 92F; 6. "securities" shall have the same meaning as assigned to it in in clause (bb) of the Explanation to clause (4D) of section 10; 7. "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 8. "unit" shall have the same meaning as assigned to it clause (f) of Explanation to clause (4D) of section 10; 9. All amounts 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 Gains (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 capital asset or security to the date of transfer of such capital asset or security Aggregate of daily total 'assets under management' of the specified fund, from the date of acquisition of the capital asset or security to the date of transfer of such capital asset or security. Ratio Income attributable to units held by non-resident (not ....