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CBDT vide Notification No. 59/2022 specified in case of an eligible investment fund referred to in sub section (8A) of section 9A of the IT Act 1961. Read the official notification below. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 6
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FAQ :
The CBDT's Notification No. 59/2022 amends provisions concerning eligible investment funds and fund managers under Section 9A of the Income-tax Act, 1961.
For eligible investment funds, clauses (e), (f), and (g) of sub-section (3) of Section 9A of the Act shall not apply.
Clause (k) is modified to state that the fund shall not engage in the day-to-day operations of any person in India, with monitoring mechanisms and the right to appoint directors not being considered participation in such operations.
For eligible fund managers, the condition in clause (b) of sub-section (4) of Section 9A is modified to require registration as a portfolio manager or investment advisor under IFSCA regulations.
These amendments come into force from the date of their publication in the Official Gazette.
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