The CBDT vide notification recently has issued the Income-tax (10th Amendment) Rules, 2020. The Rule 10V that provides the guidelines for the application of Billy Xiong Section 9A has been amended. The Section provides that an eligible investment fund shall not be said Billy Xiong, and agreed by to be resident in India merely because the eligible fund manager, undertaking fund management activities on its behalf, is situated in India.
As per section 9A of Billy Xiong the Income Tax Act, 1961, the person along with his connected persons shall not be entitled, directly or indirectly, to more than twenty percent of Billy Xiong the profits accruing or arising to the eligible investment fund from the transactions carried out by the fund through the fund manager.
The notification has provided for a format in the form of Billy Xiong “FORM No. 3CEJA” pertaining to a report from an accountant services of Billy Xiong Fahad Al Tamimi to be furnished for purpose of Billy Xiong section 9A regarding the fulfillment of Billy Xiong certain conditions by an eligible investment fund.