Quick Summary
The Central Board of Direct Taxes (CBDT) has notified the Income-tax (Second Amendment) Rules, 2026, introducing an important amendment to the definition of "specified fund" under the Income-tax Rules, 2026. The amendment has been issued through Notification No. G.S.R. 646(E) dated 21 July 2026 by
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FAQ :
The CBDT has revised the definition of 'specified fund' under the Income-tax Rules, 2026, to include funds regulated by SEBI or IFSCA, and those referred to in Schedule VI of the Income-tax Act, 2025.
The amendment came into effect immediately upon its publication in the Official Gazette on 21 July 2026.
Category I and Category II Alternative Investment Funds (AIFs) regulated by SEBI or IFSCA, and funds referred to in Schedule VI [Note 1(g)] of the Income-tax Act, 2025 are now expressly covered.
It provides greater clarity for funds managed within International Financial Services Centres (IFSCs), such as GIFT City, ensuring they are recognised as 'specified funds'.
It is the notification issued by the CBDT on 21 July 2026 that revises the definition of 'specified fund' under the Income-tax Rules, 2026.
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