CBDT Includes Funds Regulated Under IFSCA Within Scope of Sec. 115UB
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- By Chetan Kulasri
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- Last Updated on 14 July, 2023
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Circular no. 12/2023, dated 12-07-2023
The Central Board of Direct Taxes (CBDT) vide Circular no. 14/2019, dated 03-07-2019, had clarified regarding taxability of income earned by a non-resident investor from off-shore investments routed through an “investment fund” as defined in Explanation 1 (a) to Chapter XII-FB of the Income-tax Act.
The Circular was made applicable to Category I or Category II Alternative Investment Funds (AIFs) regulated under Securities and Exchange Board of India (SEBI) regulations.
The Finance Act 2023 amended the definition of ‘investment fund’ to include fund regulated under International Financial Services Centres Authority (Fund Management) Regulations 2022 under International Financial Services Centres Authority (IFSCA) Act 2019.
In view of the said amendment, the CBDT has amended Para 3 of said Circular to include a reference of the amended definition of ‘Investment Fund’. All the other contents of the Circular remain the same.
Click Here To Read The Full Circular
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