Remuneration to be paid to an eligible Fund Manager under section 9A of the Income-tax Act, 1961

Last updated: 29 May 2020

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This notification introduces amendments to the Income-tax Rules, 1962, specifically concerning the remuneration paid to eligible Fund Managers under Section 9A of the Income-tax Act, 1961. The rules clarify that certain provisions (sub-rules 5 to 10) will not apply from April 1st, 2019. For Category-I foreign portfolio investors, the remuneration is calculated as 0.10% of the assets under management.

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.Short title and commencement (1) These rules may be called the

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1 Year PLAN - Rs.~~1999~~

1799

(Excl. of GST ₹323)

2 Years PLAN - Rs.~~3499~~

3149

(Excl. of GST ₹566)

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3 Years PLAN - Rs.~~4999~~

4499

(Excl. of GST ₹809)

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FAQ :

This notification amends the Income-tax Rules, 1962, to further define the remuneration payable to an eligible Fund Manager under Section 9A of the Income-tax Act, 1961.

The notification states that the provisions of sub-rules (5) to (10) of rule 10V shall not apply on or after the 1st day of April, 2019.

For Category-I foreign portfolio investors, the remuneration paid to the fund manager is calculated as 0.10 per cent of the assets under management.

Category-I foreign portfolio investors are defined by reference to items (i), (ii), or (iii), and sub-item III of item (iv) of clause (a) of regulation 5 of the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019.

Notification No : 29/2020
Source : https://www.incometaxindia.gov.in/communications/notification/notification_29_2020.pdf

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