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SECTION - 9-A -   Modification In Conditions Of Special Taxation Regime For Off Shore Funds Under Section 9a

 

The existing provisions contain certain conditions for the eligibility of off-shore funds for which the activity of fund management carried out through an eligible fund manager shall not constitute business connection in India.  These conditions are as to residence of Fund, it’s corpus, payment of remuneration to fund Manager etc. As regards corpus it is also provided that monthly average of the corpus of the fund shall not be less than Rs. 100 crore and in the case of newly set up funds, the corpus shall not be less than Rs. 100 Crore at the end of the year.

 

It is proposed to provide that in the previous year in which the fund is wound up the conditions that the monthly average of the corpus shall not be less than Rs. 100 Crore shall not apply.

 

The amendment will be effective from 1st April 2016.


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