Clause 13 - Amendment of section 47. - Finance Bill, 2025

Amendment of section 47. 13. In section 47 of the Income-tax Act, in clause (viiad), in the Explanation, (i) for clause (c), the following clause shall be substituted with effect from the 1st April, 2026, namely: (c) resultant fund means a fund established or incorporated in India in the form of a trust or a company or a limited liability partnership, which is located in an International Financial Services Centre as referred to in sub-section (1A) of section 80LA, and has been granted (i) a certificate of registration as a Category I or Category II or Category III Alternative Investment Fund, and is regulated under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992.) or regulated under the International Financial Services Centres Authority (Fund Management) Regulations, 2022 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019.); or (ii) a certificate as a retail scheme or an Exchange Traded Fund as per item (b) of sub-clause (I) of clause (c) of the Explanation to clause (4D) of section 10 which fulfils the conditions specified in the said clause (4D). ; (ii) in clause (b), for the figures 2025 , the figures 2030 shall be substituted.