Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Services Centre funds.

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Full Text of the Document

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....Rule 157 is amended to redefine "specified fund" for exemption from obtaining a Permanent Account Number under section 262. The term now includes Indian trusts, companies, limited liability partnerships and body corporates registered as Category I or Category II Alternative Investment Funds under the SEBI Alternative Investment Funds Regulations, or under the IFSCA Fund Management Regulations where located in an International Financial Services Centre. It also includes funds referred to in Schedule VI to the Income-tax Act, 2025. The amendment takes effect from publication in the Official Gazette.....