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    BB Sir - Compact Nov 24 (CAF)-389

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    strangerk2004

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    BB Sir - Compact Nov 24 (CAF)-389

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    strangerk2004
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    BB Sir - Compact Nov 24 (CAF)-389

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    investment fund set up by a Category-I or Category-II Foreign Portfolio Investor registered

    under the SEBI (Foreign Portfolio Investors) Regulations, 2014, made under the SEBI Act, 1992.
    | Eligible fund manager, means any person who is engaged in the activity of fund management and
    | fulfills the following conditions:
    (a) Person should not be an employee of the fund or a connected person of the fund;
    (b) Person should be registered as a fund manager or investment advisor as per regulations;
    (c) Person should be acting in the ordinary course of his business as a fund manager:
    | (d) Person along with his connected persons shall not be entitled, directly or indirectly, to more than
    | 20% of the profits accruing to fund from the transactions carried out by such fund manager.
    | Fund shall, in respect of its activities, furnish within 90 days from the end of the FY, a statement
    | in the prescribed form. If fails to file then penalty of = 5,00,000 may attract. [Section 271F AB]
    | This special taxation regime would not have any impact on taxability of any income of fund which
    would have been chargeable to tax irrespective of whether the activity of fund manager constituted
    | business connection or not. Further, the said regime shall not have any effect on the scope of total
    | income or determination of total income in the case of the eligible fund manager.

    Meaning of certain terms:


    (i) Associate: An entity in which a director or a trustee or a partner or a member or a fund manager
    of the fund or a director or a trustee or a partner or a member of the fund manager of such fund,
    holds, either individually or collectively, share or interest, being more than 15% of its share capital
    or interest, as the case may be.
    (ii) Corpus: Amount of funds raised for the purpose of investment by fund as ona particular date.
    (iii) “Connected Person” same as Specified person as per sec. 40A(2).

    Note: CG may, specify that any one or more of the conditions specified point (3) or (4) shall not apply
    or shall apply with such modifications, in case of fund and its fund manager, if such fund manager is
    located in an IFSC, and has commenced its operations on or before the 31% March, 2024.
    CG Notification:
    Eligible investment fund, the conditions specified in,—
    (i) clause (e), (f) and (g) of point (3) shall not apply:
    (ii) clause (k) shall be modified, namely:- (k) Fund shall not carry on, or participate in, the day to day
    operations of any person in India and for this purpose the monitoring mechanism to protect the
    investment in such person including the right to appoint directors or executive director shall not be
    considered as participation in day to day operations of such person in India.
    Fund manager, the conditions of clause (b) of point (4) shall be modified, namely: — (b) the person is
    registered as a portfolio manager or an investment advisor in accordance with the IFSC Act.

    Some Exempt Income

    Compact CA Bhanwar Borana

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