Income-tax Rules, 2026

Rule 144Other conditions required to be fulfilled by a specified fund as referred to in Schedule VI [Note 1(g)(i)] to Act

Income-tax Rules, 2026 · G.S.R. 198(E), dated 20-03-2026

(1)For the purposes of Schedule VI [Note 1(g)(i)] to the Act, the "other conditions" required to be fulfilled by a specified fund shall be that —

(a)the unit holder of the specified fund, other than the sponsor or manager of such fund, who becomes a resident under section 6(2) to (7) in any tax year subsequent to the tax year in which such unit or units were issued, shall cease to be a unit holder of such specified fund within a period of three months from the end of the tax year in which he becomes a resident;

(b)for the purposes of clause (a), the specified fund shall maintain the following documents in respect of its unit holders: —

(i)name of the unit holder;

(ii)tax identification number of the unit holder in the country of residence at the time the units were issued;

(iii)permanent account number, if available;

(iv)total number of units held;

(v)total value of units held;

(vi)whether unit holder is a sponsor or a manager;

(vii)the tax year in which the unit holder became resident; and

(viii)date of exit from specified fund.

(2)The specified fund shall certify that it has fulfilled the conditions under sub-rule (1) and furnish information in respect of units held by residents in the annual statement of exempt income in Form No. 68.

(3)The income attributable to units held by a non-resident (not being the permanent establishment of a non-resident in India) in a specified fund shall no t be exempt under section 11(1) read with Schedule VI [Table: Sl. Nos. 1 to 4] to the Act unless the specified fund complies with sub-rule (2).

(4)For the purposes of this rule, "specified fund" shall have the same meaning as assigned to it in Schedule V I [Note 1(g)] to the Act.

This rule refers to

§ Schedule V INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF CERTAIN ELIGIBLE PERSONS INCLUDING INVESTMENT FUNDS, BUSINESS TRUSTS AND THEIR UNIT HOLDERS

§ Schedule VI INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF CERTAIN ELIGIBLE PERSONS IN INTERNATIONAL FINANCIAL SERVICES CENTRE OR HAVING INCOME THEREFROM

§ 11 Incomes not included in total income

§ 6 Residence in India