NISM 19A AIF Distributors Certification Exam Notes
Page 32 Of 50
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Trust Dominance: Most AIFs are irrevocable trusts under the Indian Trusts Act.
Tax Pass-Through: Category I and II AIFs enjoy pass-through status for non-business income.
Investment Fund: Defined as SEBI-registered Category I or II AIF under ITA.
Non-Business Income: Exempt at fund level, taxable in investors’ hands.
Business Income: Taxed at fund level at maximum marginal rate or specified rates.
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