The Ministry of Finance (MoF) on July 22, 2026, has issued the Income-tax (Second Amendment) Rules, 2026 to further amend the Income-tax Rules, 2026.
The following has been stated:
In rule 157, in sub-rule (5), for clause (c), the following clause has been substituted, namely: —
‘(c) “specified fund” means- (i) any fund established or incorporated in India in the form of a trust or a company or a limited liability partnership or a body corporate which has been granted a certificate of registration as a Category I or Category II Alternative Investment Fund and is regulated under — (A) the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992); or (B) the International Financial Services Centres Authority (Fund Management) Regulations, 2022 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019) and which is located in any International Financial Services Centre; or (ii) any fund which has been referred to in Schedule VI [Note 1(g)] to the Act;’.
[G.S.R. 646(E).]
