Rule 276 — Statement to be furnished by eligible investment fund under section 9(12) read with Schedule I to the Act. Made under s.9 of the Income-tax Act, 2025.
Rule 276 gives effect to Section 9 of the Income-tax Act, 2025. A rule cannot go beyond the section it serves: where the two seem to differ, the section governs.
Sub-rule (1) requires the statement under paragraph 1(4) of Schedule I to the Act to be furnished to the Assessing Officer electronically, under digital signature, for every financial year, by the eligible investment fund in Form No. 173, duly verified in the manner indicated in the form.
Sub-rule (2) identifies the Assessing Officer as the one who has jurisdiction over the fund, or who would have had jurisdiction had the fund been assessable to tax in India but for section 9(12).
Section 9(12), read with Schedule I, keeps an eligible investment fund outside the Indian charge despite the activities of its fund manager here, and paragraph 1(4) of that Schedule requires an annual statement in return. The rule prescribes the form, the electronic mode and the signature. Sub-rule (2) is needed because the very effect of section 9(12) is that no Assessing Officer would otherwise have the fund on his books, so the rule identifies the officer by asking who would have had jurisdiction if the provision did not apply.
| What | Figure | The condition on it | Where |
|---|---|---|---|
| Frequency of the statement | For every financial year | Furnished by the eligible investment fund in Form No. 173 | Sub-rule (1) |
The obligation is annual and unconditional on the fund itself, not on the fund manager, and the mode is fixed: electronically, under digital signature, verified in the manner indicated in Form No. 173 — an electronic verification code route is not offered here. The period is the financial year. Sub-rule (2) resolves the jurisdictional puzzle created by the exemption: where no officer holds jurisdiction because the fund is not assessable in India, the statement goes to the officer who would have had jurisdiction had the fund been assessable but for section 9(12).
An eligible investment fund managed from India relies on section 9(12) and is not assessable to tax here. It must still furnish Form No. 173 for each financial year, electronically and under digital signature, to the Assessing Officer who would have had jurisdiction over it had it been assessable to tax in India but for that provision.
In the annual Form No. 173 an eligible investment fund files with the Assessing Officer, which is often the fund's only direct filing in India.
shall be furnished to the Assessing Officer electronically under digital signature, for every financial year by the eligible investment fund in Form No. 173, duly verified in the manner indicated therein
the Assessing Officer who has the jurisdiction over the fund or would have had the jurisdiction had the fund been assessable to tax in India but for the provisions of section 9(12)