CBDT notifies 2 more pension funds for Sec. 10(23FE) exemption

Notification No. 111/2021 & Notification No. 112/2021, dated 16-09-2021

The CBDT has notified the 2452991 Ontario Limited and the 276522 Ontario Limited for the purpose of exemption under section 10(23FE). Investments made by the above pension funds during the period 22-04-2021 to 31-03-2024 shall be eligible for the exemption if the specified conditions are fulfilled. A few of such specified conditions are mentioned below:

1) Funds shall file, within due date, return of income (ITR), for all the relevant previous years falling within the period beginning from the date in which the said investment has been made and ending on the date on which such investment is liquidated;

2) Along with ITR, Funds shall furnish a certificate in Form No. 10BBC in respect of compliance to the provisions of section 10(23FE) during the financial year;

3) Funds shall intimate the details in respect of each investment made in India during the quarter within one month from the end of the quarter in Form No. 10BBB;

4) Funds shall maintain a segmented account of income and expenditure in respect of such investment which qualifies for exemption;

5) Funds shall continue to be regulated under the law of the Government of Canada;

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