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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 27th May, 2020 INCOME-TAX G.S.R.315(E).- In exercise of the powers conferred by section 295 read with clause (m) of sub-section (3) of section 9A 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. (1) These rules may be called the Income-tax (10th Amendment) Rules, 2020
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FAQ :
The notification from the CBDT updates the Income-tax Rules, 1962, to specify the method for calculating remuneration to be paid to eligible fund managers under Section 9A of the Income-tax Act, 1961.
The provisions regarding the calculation of remuneration apply on or after April 1st, 2019.
For Category-I foreign portfolio investor funds, the remuneration is calculated as 0.10 per cent of the asset under management.
In other cases, remuneration can be calculated as 0.30 per cent of the asset under management, or 10 per cent of profits exceeding a specified hurdle rate, or 50 per cent of the management fee after deducting operational expenses, subject to certain conditions.
Fund managers must now obtain and furnish a report from an accountant in Form No. 3CEJA, verified by the accountant, regarding their fund management activity.
Eligible investment funds must furnish a statement in the updated Form No. 3CEK to the Assessing Officer, detailing financial information, compliance with Section 9A conditions, and details of fund managers and remuneration.
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