• 9863020202    
  • contact@financeseva.in

Provisions of Rule 10VA would apply if application is made seeking approval for lower fund manager remuneration

Notification No. 13/2021, dated 09-03-2021 

Section 9A(3)(m) of the Income-tax Act, 1961 provides that payment of remuneration by an eligible investment fund to an eligible fund manager in respect of fund management activity undertaken by him on its behalf, shall not be less than the amount calculated in such manner as may be prescribed. 

Such manners have been prescribed under Rule 10V(12) of the Income-tax Rules, 1962. Rule 10V also provides that funds may seek the Board's approval in case the amount of remuneration is lower than the amount so prescribed. 

The Central Board of Direct Taxes (CBDT) Vide Income-tax (2nd Amendment) Rules), 2021 amended Rule 10V.Two new provisions have been added in the Rule 10V(12) which provides manners for computation of remuneration payable to the fund manager. 

It has been provided that, provisions of sub-rules (3) to (12) of rule 10VA shall, mutatis mutandis, apply to the application made by assessee before the CBDT seeking lower remuneration payable to fund manager. Sub-rules (3) to (12) of rule 10VA deals with manner for making application and procedures to be followed by board thereafter. 

 

CA Vikas Jain - Chief Advisor

Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...

Read More
CA Vikas Jain

CA Vikas Jain - Chief Advisor

Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...

Read More

If you want me & my team at financeseva to help you in getting Best Financial Services, Just Book a Free Call