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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 16th June, 2022 G.S.R. 455(E).In exercise of the powers conferred by the proviso to item (III) of sub-clause (i) of clause (c) of the Explanation to clause (4D) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct taxes hereby makes the following rules further to amend the Income-tax Rules,1962, namely: 1. Short title and commencem
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1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
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3 Years PLAN
4999
(Excl. of GST ₹899)
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FAQ :
The notification introduces additional conditions that 'specified funds' must meet to avail tax exemption under Section 10(4D) of the Income-tax Act.
These rules come into effect from the date of their publication in the Official Gazette.
Specified funds must maintain detailed records of their unit holders, including name, tax identification number, PAN (if available), number and value of units held, and whether they are a sponsor or manager.
If a unit holder becomes a resident in India, they must cease to be a unit holder within three months from the end of the previous year in which they became resident.
Specified funds must certify that they have fulfilled the conditions and furnish information regarding units held by residents in their annual statement of exempt income in Form No. 10-IG.
Yes, the notification refers to Form No. 10-IG for annual statements of exempt income, and potentially other forms like 10-IH, 10-IK, and 10-IL for different reporting requirements.
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