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<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml"> <head> </head>  <body> <div style="font-family:Verdana, Geneva, sans-serif; font-size:12px; text-align:justify"> <table width="800" border="0" style="border:1px solid #ccc;padding:5px;" align="center" cellpadding="6" cellspacing="0">  <tr>   <td align="left" valign="top">   <br />   Ministry of Finance  <br /><br /> Income Tax Rules on Fund Manager regime<br /><br /> MANU/CBDT/0021/2016 - (15 Mar 2016)<br /><br />  </td>  </tr>    <tr>   <td align="left" valign="top"></td>  </tr>    <tr>   <td align="left" valign="top" style="background-color:#FDEDCE"><strong>The Central Board of Direct Taxes released the Income-Tax (5th Amendment) Rules, 2016 providing guidelines for the application of Section 9A of the Income Tax Act, 1961. The Rules introduce Form No. 3CEJ, enabling reporting on arm’s length price on remuneration paid by an investment fund to the fund manager; and Form No. 3CEK provides verification of Annual Statement under Section 9A of the Act.<BR><BR>

Section 9A provides for a taxation regime, effective 1 April 2016, to facilitate location of fund managers of offshore funds in India. Under the regime, fund management activity carried-out through an eligible fund manager in India by an eligible investment fund does not constitute business connection in India of the fund and also does not lead to the residence of the fund in India.</strong></td>  </tr>  <tr>   <td align="left" valign="top" ><strong>Relevant : Fund Manager Regime under Section 9A of the Act <manuid>MANU/PIBU/0332/2016</manuid></strong></td>  </tr>   <tr>   <td align="left" valign="top" ><strong>Tags : Fund manager, offshore, income tax</strong></td>  </tr> <tr>   <td align="left" valign="top">&nbsp;</td>  </tr>  <tr>      <td align="left" valign="top"><strong>Source : newsroom.manupatra.com</strong></td>  </tr> <tr>   <td align="left" valign="top">&nbsp;</td>  </tr>  <tr>   <td align="left" valign="top">Regards</td>  </tr>  <tr>   <td align="left" valign="top">Team Manupatra</td>  </tr>  <tr>   <td align="left" valign="top">&nbsp;</td>  </tr>   </table> </div> </body> </html>