CBDT floats draft notification with regard to renumeration of fund managers
Section 9A of the Income-tax Act, 1961, provides for a special taxation regime in respect of certain offshore funds in the context of their fund managers being located in India, an official said.
It is provided that in case of an eligible investment fund, the fund management activity carried out through an eligible fund manager acting on behalf of such fund shall not constitute business connection in India of the said fund, the Central Board of Direct Taxes said.Finance (No 2) Act, 2019 with effect from April 1, 2019, amended section 9A so as to provide that 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, it said.
(This story has not been edited by Business Insider and is auto-generated from a syndicated feed we subscribe to.)
- Education, skill, research, innovation second biggest focus of budget after health: PM at webinar on budget provisions for higher education. PTI KR ASK DV DV
- Union Budget has broadened our efforts to link education with employability and entrepreneurial capability:PM Modi at webinar on education. PTI KR ASK DV DV
- India records 14,989 new COVID-19 cases in last 24 hours
- Patient with underlying disease dies after getting AstraZeneca COVID-19 vaccine in South Korea
- Word-of-mouth has helped us grow in India, our community members are our best marketers: Taru Kapoor, Tinder