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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.... (1) These rules may be called the Income-tax (Seventeenth Amendment), Rules, 2022. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962 (hereafter referred to as the principal rules),- (i) in rule 21AI, after sub-rule rule (2), the following sub-rule shall be inserted, namely:- "(2A) The income 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 ....

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....me 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 unless the specified fund complies with sub-rule (2). Explanation.-For the purpose of this rule, "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 of the Act."; (iii) in rule 21AJ, after sub-rule rule (3), the following sub-rule shall be inserted, namely:- "(3A) The income of a specified fund referred to in clause (a) and clause (b) of sub-section (1) of section 115AD, attributable to the units held by a non-resident (not being the permanent establishment of a non....

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....d 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 Fund during Previous Year ( In Rs) Details of Exempt Income under clause (4D) of section 10 S.No. Nature of Income of the Specified Fund Total Income (In Rs.) Income attributable to units held by non-resident (not being a permanent establishment of a non-resident in India) 8. Income accrued or arisen to, or received as a result of transfer of capital asset ref....

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.... units held Value of units held in Rs. Whether sponsor or manager Yes/No Whether the resident has become a resident under clause (1) or clause (1A) of section 6 of the Act during this previous year subsequent to the previous year in which such unit or units were issued? Yes/No If yes date of exit from fund dd/mm/yyyy Total 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 _....

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....n-residents, for the purposes of computation of exempt income under sub-rule (1) of rule 21AI and sub-rule (1) and (2) of rule 21AJ. I further declare that I am furnishing this statement in my capacity as_____________________________ (designation) and that I am competent to make this declaration and furnish this statement. Place: Date: Yours faithfully, Signature …………….………………. Name………………………………… Designation………………………… Notes: 1. Attach a copy of the certificate of registration under the Securities an....

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.... 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 being a permanent establishment of a non-resident in India) (1) (2) (3) (4) (5) (6) (7) (8) = (6) / (7) (9) = (5) * (8) Part I. Income from 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 fo....