The CBDT vide Notification No. 64/2022 dated June 16, 2022 has issued the Income-tax (Seventeenth Amendment), Rules, 2022 to further amend the Income-tax Rules, 1962(“the IT Rules”) w.r.t. the condition for availing exemption and concessional tax rates on the income of a specified fund and an eligible investment division, in a following manner:
- New Rule21AI(2A) of the IT Rules has been inserted to notify that the income attributable to units held by non-resident in a specified fund shall not be exempt unless the specified fund furnishes an annual statement of exempt income in a specified manner.
- Introduced Rule 21AIA of the IT Rules in order to specify certain other conditions required to be fulfilled by a specified fund.
- New Rule 21AJ(3A), of the IT Rules has been inserted to notify that the income of a specified fund, attributable to the units held by a non-resident, shall not be eligible for concessional tax rates unless it furnishes the annual statement of income eligible for concessional taxation in Form No. 10-IH in specified manner.
- New Rule 21AJA(3A) of the IT Rules has been inserted to notify that the income of a specified fund attributable to an eligible investment division shall not be exempt unless it furnishes the annual statement of exempt income in Form No. 10-IK and the report of audit in Form 10-IL.
- New Rule 21AJAA(2A) of the IT Rules has been inserted to notify that the income of an eligible investment division shall not be eligible for concessional tax rates unless it furnishes an annual statement of income, eligible for taxation in Form No. 10-IK in a specified manner.
- Substituted Form No. 10-IG, w.r.t. the statement of exempt income under Section 10(4D) of the IT Act.
The Notification can be accessed at: https://egazette.nic.in/WriteReadData/2022/236644.pdf
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