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of <h1>Finance Bill 2020 Amends Section 9A: Offshore Funds Exemption Enhanced with New Conditions and Fund Manager Contributions Adjusted.</h1> The Finance Bill 2020 proposes amendments to Section 9A of the Act, which provides offshore funds exemption from establishing a 'business connection' in India. Previously, conditions required that Indian residents' investment in the fund not exceed 5% of the corpus, and the fund's corpus must average at least 100 crore rupees monthly. Amendments suggest excluding the eligible fund manager's contribution up to 25 crore rupees for the first three years from the 5% calculation and allowing funds established in the previous year 12 months to meet the 100 crore corpus condition. These changes are effective from April 1, 2020, for the 2020-21 assessment year onward.
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