CBDT relaxes requirement of remunerating fund managers of offshore funds

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The Central Board of Direct Taxes (CBDT) has relaxed the requirement of remunerating of certain offshore funds because of the amended Rule 10V for availing the special taxation regime under Section 9A.


The Section provides for a special taxation regime in respect of certain offshore funds in the context of their being located in India.



The has stated that for financial years 2019-20 and 2020-21 in cases where the remuneration paid to the fund manager is lower than the amount of remuneration prescribed under sub-rule (12) of Rule 10V, but is at arm’s length, there is no need to take nod for that lower amount to be the amount of remuneration.


However, the board’s permission will be required from FY21-22 if fees paid to the manager are lower than the prescribed amount.


The Finance Act 2019 had replaced one of the conditions requiring an arm’s length remuneration to be paid to the eligible fund manager for performing fund management activities, with a minimum remuneration to be paid under a prescribed methodology, which became effective from April 1, 2019.


The

New launches pick up, but home sales yet to revive amid Covid-19 pandemic

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The Covid-19 pandemic disruptions and the subsequent lockdown brought the already stressed sector to its knees during mid-2020.


However, by the end of year, new launches bounced back – registering 12 per cent growth in the October-December quarter.



Sales, however, continue to remain tepid as a gloomy economic outlook, faltering income levels, and legacy issues in the sector keep buyers skeptical.


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Was The US Capitol Attack Planned?

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Attackers in organized columns, a woman shouting instructions on a megaphone, and suspicious tours the day before: investigators are probing the possibility that the January 6 attack on the US Capitol was planned, with help from insiders.

Disturbing videos, photos and online communications point to potential conspiracy.

In one video, more than a dozen men wearing assault force-type garb push up the Capitol steps in a line, cutting through the dense crowd toward the building’s doors.

In another, a woman in a pink hat gives directions via megaphone to others inside the building, telling them where to go.

And several men, including two who made it inside the Senate chamber, carried zip ties that could be used to restrain hostages.

Some officials said many of the pro-Trump protestors who broke into the offices of top legislators like House Speaker Nancy Pelosi appeared to know how to navigate the maze-like Capitol.





Police detain a person during the attack by supporters of US President Donald Trump on the US Capitol
 AFP / ROBERTO SCHMIDT

“They knew where to go,” senior Democrat James Clyburn told CBS News. “Yes, somebody on the inside of those buildings were complicit in this.”

Prosecutors have arrested dozens

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