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The Central Government notifies that specific conditions under section 9A of the Income-tax Act, 1961 do not apply to certain investment funds. The exemption applies to an investment fund set up by a Category-I or Category-II foreign portfolio investor. The foreign portfolio investor registers under the Securities and Exchange Board of India Regulations, 2014. The specified conditions from clauses (e), (f) and (g) of sub-section (3) do not apply to these funds. The notification comes into force on the date of its publication in the Official Gazette.
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THE GAZETTE OF INDIA : EXTRAORDINARY
[PART II—SEC. 3(ii)]
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 3rd August, 2017 (INCOME-TAX)
S.O. 2455(E).—In exercise of the powers conferred by the proviso to sub-section (3) of section 9A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that the conditions specified in clauses (e), (f) and (g) of said sub-section shall not apply in case of an investment fund set up by a Category-I or Category-II foreign portfolio investor registered under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992).
[Notification No. 77 /2017/F. No. 142/15/2015-TPL] NIRAJ KUMAR, Under Secy. (Tax Policy and Legislation)
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.
