Committee for examining applications made under Rule 10VA notified

The Finance Act, 2015 inserted a new Section 9A to the Income-tax Act, 1961 with effect from 01.04.2016 to provide for a special regime in respect of offshore funds having fund managers located in India. 

Rule 10VA 

           

 Rule 10VA provides for mechanism of fund being approved by the Central Board of Direct Taxes (CBDT) for purpose of Section 9A.  The fund seeking approval is required to make an application to Member (Income-tax), CBDT. A Committee as notified by the Board is to examine the application and submit its recommendations regarding grant of approval or otherwise and the conditions, if any, subject to which such approval would be granted.

   Accordingly, the Central Board of Direct Taxes (CBDT) has notified the Committee as follows:

·          Chief Commissioner of Income Tax (International Taxation), West Zone, Mumbai (Chairman).

·          Commissioner of Income Tax (International Taxation)-1, Mumbai.

·          Commissioner of Income Tax (Transfer Pricing)-1 Mumbai.

source: pib