Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: form 3cd :: VAT RATES :: VAT Audit :: list of goods taxed at 4% :: empanelment :: ACCOUNTING STANDARDS :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India
 
 
« Indirect Tax »
 Indirect taxes collection could fall short of target due to GST
 Indirect Tax Collection Under Gst Goes Down By 30 Percent
 What is a belated income tax return and what are its consequences
 Why rejig of financial year could upset your tax planning
 The threat of harsh penalty should not impede tax compliance
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
 High-income taxpayers to get priority treatment and extra facilities
 GST input tax credit rules: How taxpayers will benefit from ITC
 More complications in filing income tax returns
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018
 CBDT asks Income Tax officials to pull their socks up as revenue collection not satisfactory

Central Board of Direct Taxes eases tax framework to attract offshore fund houses
March, 28th 2016

India has substantially liberalised the tax framework to extend exemption to fund houses owned by a single institutional entity, a move aimed at attracting offshore fund management activity into the country.

The Central Board of Direct Taxes (CBDT), the apex direct taxes body, has announced rules to implement the new regime that kicks in from April 1.

The notification has inserted a new rule 10V in the Income-tax Rules, providing the regulatory framework within which the scheme of section 9A relating to such entities will operate.

"The CBDT has issued operating rules governing Section 9A of the I-T Act, which provides for special taxation regime with effect from 01.04.2016 to facilitate location of fund managers of offshore funds in India," CBDT said in a statement on Wednesday. It also introduced an optional pre-approval mechanism which will work like an advance ruling, allowing such fund managers to get clarity on tax liability before starting operations.

Under this mechanism, the fund can approach the CBDT to determine whether it has met the prescribed conditions and once the board grants approval, tax benefit cannot be denied to the fund by the tax officer.

These rules have relaxed the harsh conditions imposed by Section 9A. For instance, a fund owned by a single institutional entity will now also be eligible for tax exemption and a lookthrough provision has been introduced to determine whether the condition of having 25 members has been met.

Besides, if a transfer pricing adjustment is made on the remuneration paid to the fund manager this by itself will not debar the fund from claiming the tax benefit even though Sec 9A had stated that the fund should pay an arm's length remuneration to the fund manager.

The condition of having broad-based unrelated investor pool will be relaxed for first 18 months and at time of winding up of fund.

"These changes are welcome and not only remove some of the impractical conditions imposed under 9A but also provide an atmosphere of certainty to the fund from a tax perspective," said Rajesh Gandhi, partner-tax, Deloitte Haskins & Sells LLP.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions