The Central Board of Direct Taxes (CBDT) has come out with a draft notification with regard to renumeration of India-based fund managers who are managing funds of overseas investors.
About:
Section 9A of the Income-tax Act, 1961, provides for a special taxation regime in respect of certain offshore funds in the context of their fund managers being located in India.
Finance (No 2) Act, 2019 amended section 9A so as to provide that the remuneration paid by the fund to an eligible fund manager in respect of fund management activity undertaken by him on its behalf is not less than the amount calculated in such manner as may be prescribed.
Accordingly, the manner for calculation of the amount, compared to which the remuneration paid to the eligible fund manager should not be less, is required to be prescribed. In this background, the CBDT has issued draft notification.
Dear Student,
You have still not entered your mailing address. Please enter the address where all the study materials will be sent to you. (If applicable).
