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For Category I and II AIFs with pass-through status, the fund files Form 76 (old Form 64A) with the IT department and issues Form 78 (old Form 64C) to each investor by January 31 of the following year.
HNI wealth · AIF
AIF Form 78 (old Form 64C): what investors receive and how to file it
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Provisions
IT Act, Sec 115UB | Form 78 (old Form 64C) | IT Rules Rule 145 (old Rule 12CB)
Analysis
Form 78 (old Form 64C) shows: income accrued to investor's account during the year, broken down by nature (capital gains, short/long term, interest, dividend). You must report this income in your ITR in the same character, LTCG in Schedule LTCG, interest in "Income from other sources," etc. Critical: You pay tax on accrued income even if the AIF hasn't distributed cash to you. This can create a cash flow mismatch, tax due but no funds received from the AIF yet. Plan your advance tax accordingly.
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