Category-III AIF – Case studies on exemption and taxability
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- By Chetan Kulasri
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- Last Updated on 3 September, 2021
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Naveen Wadhwa – [2021] 130 taxmann.com 16 (Article)
Section 10(4D) provides exemption to the specified funds in respect certain specified income. Further, income arising to a specified fund shall be taxable at the concessional rate prescribed under Section 115AD. However, such exemption and concession will be granted only with respect to such income which is attributable to units held by a non-resident (not being a PE in India) or is attributable to the investment division of offshore banking unit, as the case may be.
The manner of computation of such proportionate exemption and concession in respect of income attributable to the units held by the non-residents has been prescribed in Rule 21AI and Rule 21AJ respectively.
In this article, the author has analyzed the Rules of computing exemption and concessional tax rates with the help of case study.
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