Income Tax:
Central Board of Direct Taxes, has issued Notification No. 94/2026 dated 21 July 2026 [G.S.R. 646(E)], notifying the Income-tax (Second Amendment) Rules, 2026, in exercise of the powers conferred by section 533 read with section 262 of the Income-tax Act, 2025. Through this amendment, clause (c) of sub-rule (5) of rule 157 of the Income-tax Rules, 2026 has been substituted to redefine “specified fund” as any fund established or incorporated in India as a trust, company, limited liability partnership or body corporate holding a certificate of registration as a Category I or Category II Alternative Investment Fund and regulated under the SEBI (Alternative Investment Funds) Regulations, 2012, or under the IFSCA (Fund Management) Regulations, 2022 where located in an International Financial Services Centre, as well as any fund referred to in Schedule VI [Note 1(g)] to the Act. The rules come into force on the date of their publication in the Official Gazette. The Income-tax Rules, 2026 were originally published vide G.S.R. 198(E) dated 20 March 2026 and were last amended vide G.S.R. 241(E) dated 31 March 2026.
[Notification No. 94/2026 dated 21st July 2026]
