9911796707
TMI BlogIncome-tax (5th Amendment) Rules, 2016) - Rules in respect of offshore fund manager regime under section 9A of the Income-tax Act, 1961X X X X Extracts X X X X X X X X Extracts X X X X ..... ly satisfies the conditions mentioned in clauses (c), (e), (f) and (g) of sub-section (3) of section 9A; (b) has been setup solely for the purpose of pooling funds and investment thereof; and (c) is resident of a country or specified territory with which an agreement referred to in sub-section (1) of section 90 or sub-section (1) of section 90A has been entered into. (2) For the purposes of clause (c) of sub-section (3) of section 9A, where direct investor in the fund is a person other than a natural person, the fund shall undertake appropriate due diligence to ascertain the indirect participation, if any, of a person resident in India and the extent thereof: Provided that where such direct investor is, the Government or the Central bank or a sovereign fund or a multilateral agency or appropriately regulated investor in the form of pension fund or University fund or a bank or collective investment vehicles such as mutual funds, the fund shall obtain a declaration in writing from the direct investor regarding the participation, if any, of a person resident in India and the indirect participation in the fund of any person resident in India may be determined by the fund on the bas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as required under section 92D and the rules made thereunder. (7) The fund manager shall, in addition to any report required to be furnished by it under section 92E, obtain a report from the accountant in respect of activity undertaken for the fund and furnish such report on or before the specified date in the Form No. 3CEJ duly verified by such accountant in the manner indicated therein and all the provisions of the Act shall apply as if it is a report to be furnished under section 92E. Explanation.- For the purposes of this sub-rule "specified date" shall have the same meaning as assigned to "due date" in the Explanation 2 below sub-section (1) of section 139. (8) Where the fund manager has either not maintained the document or information as required under section 92D and the rules made thereunder or not produced the document or information before the Assessing Officer or the Transfer Pricing Officer, as the case may be, then, the Assessing Officer or the Transfer Pricing Officer, as the case may be, shall, before determining the arm's length price for the purposes of clause (m) of sub-section (3) of section 9A, provide an opportunity to the fund to produce the information an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bject to such conditions as it may deem fit; or (ii) for reasons to be recorded in writing, reject the application. (8) The approval once granted, subject to any condition specified in this behalf, shall be applicable for the previous year referred to in sub-rule(3) and subsequent previous years unless it is withdrawn by the Board. (9) The benefit of section 9A shall not be denied to an eligible investment fund, which has been granted approval, for any previous year for which the approval is in force and has not been withdrawn. (10) The Board may withdraw the approval granted to any fund, if it is satisfied that, - (a) the approval has been obtained on the basis of misrepresentation of facts or fraud ;or (b) the conditions mentioned in section 9A are not fulfilled; or (c) any condition subject to which approval was granted, has been violated. (11) No order rejecting the application or withdrawing the approval, shall be passed without giving an opportunity of being heard. (12) A copy of the order rejecting the application or withdrawing the approval shall be communicated to the fund as well as the Assessing Officer and the Principal Commissioner or Commissioner having juris ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion below sub-section (2) of section 288. ANNEXURE TO FORM No. 3CEJ Particulars relating to fund management activity required to be furnished for the purposes of section 9A of the Income-tax Act, 1961 1. Name of the Fund Manager 2. Address 3. Permanent account number 4. Nature of business or activities of the fund manager 5. Status 6. Residential status 7. Details of SEBI registration (a) Regulation under which registered (b) Registration number and date 8. Previous year ended 9. Assessment year 10. Aggregate value of remuneration received from the eligible fund/funds as per books of account 11. List of eligible investment funds for whom the fund manager has undertaken the fund management activity , with the following details : (a) Name of the offshore fund. (b) Country of residence of the fund (c) Whether the fund manager is an employee of the fund Yes/No (d) Whether the fund manager is a connected person of the Fund Yes/No (e) The amount of profit accruing or arising, during the previous year, to the fund from the activities carried out through the fund manager (f) The amount out of (e) to which the fund manager along with its connected persons is, directly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10 Whether any person resident in India had any participation interest directly or indirectly in the fund during the year? Yes/NO 11 If answer to 10 is Yes provide details of person(s) and percentage interest 12 Details of any shareholding agreement entered during the year in respect of any Indian Concern 13 Details of Fund Manager(s) in India rendering services for or on behalf of the Fund and their SEBI registration number(s) 14 Whether remuneration paid to the Fund manager (s) is not less than arm's length price and the basis on which it has been determined. 15 Details of any other Activity carried out by the Fund or on behalf of the fund in India other than through the fund manager indicated in 13 16 Amount of profit made by the Fund on its investments 17 Contact details of representative(s) of the Fund VERIFICATION I, ……… [full name in block letters] …………………… son/daughter of …………………………………… holding ……………………………&hel ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
