CONDITIONS FOR CERTAIN ACTIVITIES NOT TO CONSTITUTE BUSINESS CONNECTION IN INDIA.

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....n entered into; or (ii) established or incorporated or registered in a country or a specified territory as notified in this behalf; (c) the aggregate participation or investment in the fund, directly, by persons resident in India does not exceed 5% of the corpus of the fund as on the 1st April and the 1st October of the tax year, subject to the conditions that- (i) for the purposes of calculation of such aggregate participation or investment in the fund, any contribution made by the eligible fund manager during the first three years of operation of the fund, not exceeding twenty-five crore rupees, shall not be taken into account; (ii) where the aforesaid aggregate participation or investment in the fund e....

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....ax year; (k) the fund shall not carry on or control and manage, directly or indirectly, any business in India; (l) the fund is neither engaged in any activity which constitutes a business connection in India nor has any person acting on its behalf whose activities constitute a business connection in India other than the activities undertaken by the eligible fund manager on its behalf; (m) the remuneration paid by the fund to an eligible fund manager in respect of fund management activity undertaken by him on its behalf is not less than the amount calculated in such manner, as may be prescribed. (2) The conditions specified in paragraph (1)(e), (f) and (g) shall not apply, in case of- (a) an investment ....

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....lines and in such manner as the Board may prescribe in this behalf. (6) The Central Government may, by notification, specify that any one or more of the conditions specified in sub-paragraph (1) or (3) shall not apply or shall apply with such modifications, as specified in case of an eligible investment fund and its eligible fund manager, if-- (i) the eligible fund manager is located in an International Financial Services Centre; and (ii) has commenced its operations on or before the 31st March, 2030. 2. In this Schedule,- (a) "associate" means an entity in which a director or a trustee or a partner or a member or a fund manager of the investment fund, or a director or a trustee or a partner or a member of t....