NISM 19A AIF Distributors Certification Exam Notes
Page 33 Of 50
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Business Loss: Retained at fund level, carried forward for set-off.
Non-Business Loss: Passed to investors if units held for over 12 months.
Withholding Tax: 10% on non-business income for residents, variable for non-residents.
Section 194LBB: Mandates withholding tax on AIF income distributions.
Non-Resident Certificates: Allow lower or nil withholding tax under Section 195(3).
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