The Central Board of Direct Taxes (CBDT) vide notification S.O. 3147(E) has notified the amendment of the meaning of Investment Fund for Exemption of Class of persons from Filing of Mandatory and Voluntary Returns under the Section 139(1) of the Income Tax Act, 1961.
By utilizing the authority granted under sub-section (1C) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government has introduced the subsequent modification to the notification issued by the Government of India, Ministry of Finance, (Department of Revenue), Number 55/2019, dated July 26, 2019. This amendment was published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), vide number S.O. 2672(E), also dated July 26, 2019.
In the said notification, – Clause (a) of the Explanation to first para is substituted as under:
“Explanation:- For the purposes of this paragraph,- a. “investment fund” means any fund established or incorporated in India in the form of a trust or a company or a limited liability partnership or a body corporate which has been granted a certificate of registration as a Category I or a Category II 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);”
The classes of person exempted by Central Government under Section 139(1) of the Income Tax Act are:
(i) a non-resident, not being a company; or
(ii) a foreign company,
who have any income chargeable under the said Act during a previous-year from any investment in an investment fund set up in an International Financial Services Centre (IFSC) located in India.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
