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TMI BlogComputation of minimum investment and exempt income for the purposes of clause (23FE) of section 10 of the ActX X X X Extracts X X X X X X X X Extracts X X X X ..... or in an Infrastructure Investment Trust referred to in sub-clause (i) of clause (13A) of section 2 of the Act; B= Aggregate of eligible investments appearing in the balance sheet of the Alternative Investment Fund as on the last date of all the financial years starting from the financial year 2021-22 and ending on the financial year immediately preceding the relevant previous year; C = Aggregate of eligible investments, appearing in the balance sheet of the Alternative Investment Fund as on the last date of all the financial years starting from the financial year 2021-22 and ending on the financial year immediately preceding the relevant previous year, made in one or more domestic companies referred to in item (d) of sub-clause (iii) of clause (23FE) of section 10 of the Act, multiplied by the percentage for those domestic company or companies determined in accordance with sub-rule (3); and D = Aggregate of eligible investments appearing in the balance sheet of the Alternative Investment Fund as on the last date of all the financial years starting from the financial year 2021-22 and ending on the financial year immediately preceding the relevant previous year, made in one ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding the relevant previous year: Provided that in the case of financial year 2021-22 being the relevant previous year, the above amounts shall be calculated using the aggregate of eligible investments, appearing in the balance sheet of the financial year 2021-22 as on 31st March 2022: Provided further that in a case where the relevant previous year is the year in which the first investment is made by the domestic company, the above amounts shall be calculated using the aggregate of eligible investments, appearing in its balance sheet of the relevant previous year as on the last date of that year: Provided also that the amount E shall also include eligible investments which may not be includible in these amounts as on the date of calculation but would have been included if the calculation was carried out anytime within three months after the date of receipt of such eligible investments by the domestic company: Provided also that for the financial year 2025-26 being the relevant previous year and for subsequent relevant previous years, the percentage referred to in item (d) of sub-clause (iii) of clause (23FE) of section 10 of the Act shall be deemed to have been satisfie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fund been made directly by him and the calculation of exempt income of the specified person arising from the investment in such fund during the relevant previous year shall be made in the following manner, namely:- I+J+K+L where.- I = Income accrued or arisen or attributed or received during the relevant previous year from the eligible investments made by the Alternative Investment Fund in companies or enterprises or entities referred to in item (b) of sub-clause (iii) of clause (23FE) of section 10 of the Act, out of any investment made by the specified person on or after the date of notification of the specified person under the said clause, computed in accordance with the provisions of the Act; J = Income accrued or arisen or attributed or received during the relevant previous year, computed in accordance with the provisions of the Act, from the investments made by the Alternative Investment Fund in one or more domestic companies, referred to in item (d) of sub-clause (iii) of clause (23FE) of section 10 of the Act, out of any investment made by the specified person multiplied by N and divided by O, where N and O shall have the value assigned to them in sub-rule (6) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate of the relevant previous year if eligible investment has been made during the relevant previous year for the first time), out of any investment made by the specified person. (7) For the purposes of sixth proviso to sub-clause (iii) of clause (23FE) of section 10 of the Act, the exempt income during the relevant previous year shall be calculated in the following manner, namely:- P /R * Q Where,- P = income accrued or arisen or attributed or received during the relevant previous year from the investment made by the specified person in one or more non-banking financial companies referred to in item (e) of sub-clause (iii) of clause (23FE) of section 10 of the Act, computed in accordance with the provisions of the Act; Q = Aggregate of eligible lending appearing in the balance sheet of the non-banking financial company as on the last date of the previous year immediately preceding the relevant previous year (last date of the relevant previous year if eligible lending has been made during the relevant previous year for the first time) made by non-banking financial company to one or more of the company or enterprise or entity referred to in item (b) of sub-clause (iii) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of this rule, the expressions - (a) Alternative Investment Fund means Category I or Category II Alternative Investment Fund referred to in item (c) of sub-clause (iii) of clause (23FE) of section 10 of the Act; (b) Balance Sheet means the balance-sheet (including the notes annexed thereto and forming part of the accounts) drawn up as on 31st day of March of the relevant financial year which gives a true and fair view of the state of affairs , complies with applicable accounting standards and has been audited by the auditor of the relevant Alternative Investment Fund or respective companies, in accordance with the provisions of regulation sub-regulation (5) of regulation 20 of Securities and Exchange Board of India (Alternate Investment Fund) Regulations, 2012 or section 139 of the Companies Act 2013, as the case may be; (c) domestic company means a company referred to in item (d) of sub clause (iii) of clause (23FE) of section 10 of the Act; (d) eligible investment means an investment which has been made by an Alternative Investment Fund or domestic company, as the case may be, on or after the 1st day of April, 2020 but on or before the 31st day of March, 202 ..... 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