CBDT Includes Funds Regulated Under IFSCA Within Scope of Sec. 115UB
- Blog|News|Income Tax|
- < 1 minute
- By Taxmann
- |
- Last Updated on 14 July, 2023
Latest from Taxmann
Circular no. 12/2023, dated 12-07-2023
The Central Board of Direct Taxes (CBDT) vide Circular no. 14/2019, dated 03-07-2019, had clarified regarding taxability of income earned by a non-resident investor from off-shore investments routed through an “investment fund” as defined in Explanation 1 (a) to Chapter XII-FB of the Income-tax Act.
The Circular was made applicable to Category I or Category II Alternative Investment Funds (AIFs) regulated under Securities and Exchange Board of India (SEBI) regulations.
The Finance Act 2023 amended the definition of ‘investment fund’ to include fund regulated under International Financial Services Centres Authority (Fund Management) Regulations 2022 under International Financial Services Centres Authority (IFSCA) Act 2019.
In view of the said amendment, the CBDT has amended Para 3 of said Circular to include a reference of the amended definition of ‘Investment Fund’. All the other contents of the Circular remain the same.
Click Here To Read The Full Circular
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
