(7)The person responsible for crediting or making payment of the income on behalf of an investment fund and the investment fund shall furnish, within such time as may be prescribed82, to the person who is liable to tax in respect of such income and to the prescribed income-tax authority, a statement in the prescribed form82 and verified in such manner, giving details of the nature of the income paid or credited during the previous year and such other relevant details, as may be prescribed.Explanation 1.—For the purposes of this Chapter,—(a)"investment fund" means 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 a Category II Alternative Investment Fund and is regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) 83[or under the International Financial Services Centres Authority Act, 2019 (50 of 2019)];(b)"trust" means a trust established under the Indian Trusts Act, 1882 (2 of 1882) or under any other law for the time being in force;(c)"unit" means beneficial interest of an investor in the investment fund or a scheme of the investment fund and shall include shares or partnership interests.Explanation 2.—For the removal of doubts, it is hereby declared that any income which has been included in total income of the person referred to in sub-section (1) in a previous year, on account of it having accrued or arisen in the said previous year, shall not be included in the total income of such person in the previous year in which such income is actually paid to him by the investment fund.
