{"id":259164,"date":"2021-12-28T10:30:17","date_gmt":"2021-12-28T05:00:17","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=259164"},"modified":"2021-12-28T10:21:38","modified_gmt":"2021-12-28T04:51:38","slug":"provision-on-computation-of-exempt-income-of-specified-fund-introduced-vide-income-tax-34th-amendment-rules-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/28\/provision-on-computation-of-exempt-income-of-specified-fund-introduced-vide-income-tax-34th-amendment-rules-2021\/","title":{"rendered":"Provision on computation of exempt income of specified fund introduced vide Income-tax (34th Amendment) Rules, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\"><span id=\"page8R_mcid129\" class=\"markedContent\">On December 27, 2021, t<\/span><span id=\"page8R_mcid136\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">he Central Board of Direct taxes issued Income-tax (34th Amendment) Rules, 2021<\/span><\/span><span id=\"page8R_mcid137\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"> to amend the Income<\/span><\/span><span id=\"page8R_mcid138\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid139\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">tax Rules,1962,<\/span><\/span><\/p>\n<p style=\"text-align: justify;\">\n<h4 style=\"text-align: justify;\"><span style=\"color: #000080;\">Key features:<\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li><span id=\"page8R_mcid163\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">In the Income<\/span><\/span><span id=\"page8R_mcid164\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid165\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">tax Rules, 1962, the following <\/span><\/span><span id=\"page8R_mcid166\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">rule shall be inserted<\/span><\/span><span id=\"page8R_mcid170\" class=\"markedContent\">:<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 40px;\"><span id=\"page8R_mcid170\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">\u201c<\/span><\/span><strong><span id=\"page8R_mcid171\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">2DD. Computation of exempt<\/span><\/span><span id=\"page8R_mcid172\" class=\"markedContent\"><\/span><span id=\"page8R_mcid173\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">income of specified fund for the purposes of clause (23FF) of section <\/span><\/span><span id=\"page8R_mcid174\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">10<\/span><\/span><\/strong><span id=\"page8R_mcid175\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">: <\/span><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span id=\"page8R_mcid177\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(1)<\/span><\/span><span id=\"page8R_mcid178\" class=\"markedContent\"><\/span><span id=\"page8R_mcid179\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">For the purpose of clause (23FF) of section 10, income of the nature of capital gains, arising or <\/span><\/span><span id=\"page8R_mcid180\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">received by a specified fund, which is attributable to units held by non<\/span><\/span><span id=\"page8R_mcid181\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid182\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">reside<\/span><\/span><span id=\"page8R_mcid183\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">nt (not being a permanent <\/span><\/span><span id=\"page8R_mcid184\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">establishment of a non<\/span><\/span><span id=\"page8R_mcid185\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid186\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">resident in India) in<\/span><\/span><span id=\"page8R_mcid187\" class=\"markedContent\"><\/span><span id=\"page8R_mcid188\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">such specified fund shall be computed as under:<\/span><\/span><span id=\"page8R_mcid189\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid190\" class=\"markedContent\"><\/span><span id=\"page8R_mcid191\" class=\"markedContent\"><\/span><span id=\"page8R_mcid192\" class=\"markedContent\"><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span id=\"page8R_mcid192\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(i) where the specified fund files Form No. 10-II in accordance with sub-rule (2), the Income exempt under <\/span><span dir=\"ltr\" role=\"presentation\">clause (23FF) of section 10= [A*B\/C], where,-<\/span><\/span><span id=\"page8R_mcid193\" class=\"markedContent\"><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 80px;\"><span id=\"page8R_mcid193\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">A = income of the nature of capital gains,<\/span><\/span><span id=\"page8R_mcid194\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">arising or received by<\/span><\/span><span id=\"page8R_mcid195\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">a specified fund, which is on account <\/span><\/span><span id=\"page8R_mcid196\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">of transfer of shares of a company resident in India, by the specified fund and where such shares were <\/span><\/span><span id=\"page8R_mcid197\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">received by the specified<\/span><\/span><span id=\"page8R_mcid198\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">fund, being resultant fund,<\/span><\/span><span id=\"page8R_mcid199\" class=\"markedContent\"><\/span><span id=\"page8R_mcid200\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">in relocation from the original fund, or from its <\/span><\/span><span id=\"page8R_mcid201\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">wholly owned special purpose vehicle, and where such capital gains would not<\/span><\/span><span id=\"page8R_mcid202\" class=\"markedContent\"><\/span><span id=\"page8R_mcid203\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">be<\/span><\/span><span id=\"page8R_mcid204\" class=\"markedContent\"><\/span><span id=\"page8R_mcid205\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">chargeable to tax if <\/span><\/span><span id=\"page8R_mcid206\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">the relocation had not taken place;<\/span><\/span><span id=\"page8R_mcid207\" class=\"markedContent\"><\/span><span id=\"page8R_mcid208\" class=\"markedContent\"><\/span><span id=\"page8R_mcid209\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">B =<\/span><\/span><span id=\"page8R_mcid210\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">aggregate of daily \u201eassets under mana<\/span><\/span><span id=\"page8R_mcid211\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">gement\u201f of the specified fund which are held by non<\/span><\/span><span id=\"page8R_mcid212\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid213\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">resident <\/span><\/span><span id=\"page8R_mcid214\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">unit holders<\/span><\/span><span id=\"page8R_mcid215\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">(not being the permanent establishment of a non<\/span><\/span><span id=\"page8R_mcid216\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid217\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">resident in India),<\/span><\/span><span id=\"page8R_mcid218\" class=\"markedContent\"><\/span><span id=\"page8R_mcid219\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">from the date of <\/span><\/span><span id=\"page8R_mcid220\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">acquisition of the share of a company resident in India by the specified fund to the date of tran<\/span><\/span><span id=\"page8R_mcid221\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">sfer of <\/span><\/span><span id=\"page8R_mcid222\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">such share.<\/span><\/span><span id=\"page8R_mcid223\" class=\"markedContent\"><\/span><span id=\"page8R_mcid224\" class=\"markedContent\"><\/span><span id=\"page8R_mcid225\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">C =<\/span><\/span><span id=\"page8R_mcid226\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">aggregate of daily total \u201eassets under management\u201f of the specified fund, from the date of <\/span><\/span><span id=\"page8R_mcid227\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">acquisition of the share of a company resident in India by the specified fund to the date of transfer of <\/span><\/span><span id=\"page8R_mcid228\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">such share.<\/span><\/span><span id=\"page8R_mcid229\" class=\"markedContent\"><\/span><span id=\"page8R_mcid230\" class=\"markedContent\"><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span id=\"page8R_mcid230\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(ii) where no Form No.10-II is filed by the specified fund, the exempt income shall be NIL<\/span><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span id=\"page10R_mcid0\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(2) The specified fund shall furnish an annual statement of exempt income in Form No.10-II electronically <\/span><span dir=\"ltr\" role=\"presentation\">under digital signature on or before the due date, which is duly verified in the manner indicated therein.<\/span><\/span><span id=\"page10R_mcid1\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(3) It shall get the annual statement, referred to in sub-rule (2), certified by an accountant before the <\/span><span dir=\"ltr\" role=\"presentation\">specified date and such accountant shall furnish by that date the certificate in Form No. 10-IJ electronically <\/span><span dir=\"ltr\" role=\"presentation\">under digital signature, which is duly verified in the manner indicated therein.<\/span><\/span><span id=\"page10R_mcid2\" class=\"markedContent\"><\/span><span id=\"page10R_mcid3\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(4<\/span><\/span><span id=\"page10R_mcid4\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">)<\/span><\/span><span id=\"page10R_mcid5\" class=\"markedContent\"><\/span><span id=\"page10R_mcid6\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">The Principal Director General of Income<\/span><\/span><span id=\"page10R_mcid7\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page10R_mcid8\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">tax (Systems) or the Director General of Income tax <\/span><\/span><span id=\"page10R_mcid9\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(Systems), as the case may be, shall specify the procedure for filing of the Form No<\/span><\/span><span id=\"page10R_mcid10\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">s<\/span><\/span><span id=\"page10R_mcid11\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">. 10<\/span><\/span><span id=\"page10R_mcid12\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page10R_mcid13\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">I<\/span><\/span><span id=\"page10R_mcid14\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">I<\/span><\/span><span id=\"page10R_mcid15\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">and 10<\/span><\/span><span id=\"page10R_mcid16\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page10R_mcid17\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">IJ<\/span><\/span><span id=\"page10R_mcid18\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">and <\/span><\/span><span id=\"page10R_mcid19\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies <\/span><\/span><span id=\"page10R_mcid20\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">in relation to the statements so furnished under this rule.<\/span><\/span><\/p>\n<p style=\"text-align: justify;\">\n<ul>\n<li style=\"text-align: justify;\"><span id=\"page10R_mcid122\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">In the principal rules,<\/span><\/span><span id=\"page10R_mcid123\" class=\"markedContent\"><\/span><span id=\"page10R_mcid124\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">in Appendix II,<\/span><\/span><span id=\"page10R_mcid125\" class=\"markedContent\"><\/span><span id=\"page10R_mcid126\" class=\"markedContent\"> <\/span><span id=\"page10R_mcid131\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">the <\/span><\/span><span id=\"page10R_mcid136\" class=\"markedContent\"><\/span><span id=\"page10R_mcid143\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Form No.<\/span><\/span><span id=\"page10R_mcid144\" class=\"markedContent\"><\/span><span id=\"page10R_mcid145\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">10<\/span><\/span><span id=\"page10R_mcid146\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page10R_mcid147\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">I<\/span><\/span><span id=\"page10R_mcid148\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">I dealing with <\/span><\/span><span id=\"page10R_mcid150\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Statement of exempt income under clause (23FF) of section 10 of the Income-tax Act, 1961 <\/span><\/span><span id=\"page10R_mcid151\" class=\"markedContent\"><\/span><span id=\"page10R_mcid148\" class=\"markedContent\"><\/span><span id=\"page10R_mcid149\" class=\"markedContent\"><\/span><span id=\"page10R_mcid150\" class=\"markedContent\"><\/span><span id=\"page10R_mcid136\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">shall be inserted.<\/span><\/span><span id=\"page10R_mcid142\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><span id=\"page10R_mcid151\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"><br \/>\n<\/span><\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>On December 27, 2021, the Central Board of Direct taxes issued Income-tax (34th Amendment) Rules, 2021 to amend the Income&#8211;tax Rules,1962, Key <\/p>\n","protected":false},"author":8808,"featured_media":253447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-259164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Provision on computation of exempt income of specified fund introduced vide Income-tax (34th Amendment) Rules, 2021 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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The Amendment inserts a provision prescribing income- tax authority under second proviso to clause (i) of sub-section (1) of section 142. \u00a0 The Rule provides: 12F. 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Key amendment: In the Income-tax Rules, 1962, the following rule shall be inserted, namely:\u2013 16DD. 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These changes will apply to returns filed for Assessment Year 2026\u201427 and impact taxpayers across categories, including individuals, HUFs, firms, companies, and charitable entities.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Income-tax Amendment Rules 2026 ITR Forms","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/BLOG-2026-04-02T133736.537.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/BLOG-2026-04-02T133736.537.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/BLOG-2026-04-02T133736.537.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/BLOG-2026-04-02T133736.537.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":254768,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/27\/income-tax-30th-amendment-rules-2021\/","url_meta":{"origin":259164,"position":5},"title":"Income-tax (30th Amendment) Rules, 2021","author":"Prachi Bhardwaj","date":"September 27, 2021","format":false,"excerpt":"The Central Board of Direct Taxes has notified the Income-tax (30th Amendment) Rules, 2021 vide notification dated 24th September, 2021. 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