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The Central Board of Direct Taxes has notifiedNorfund, Govt of Norway as a Sovereign Wealth Fund and has specified the audit report to be filed by them for claiming exemption under Section 10(23FE). Read the official notification below: MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 19th April 2021 (INCOME-TAX) S.O. 1661(E).In exercise of the powers conferred by sub-clause (vi) of clause (b) of the Explanation 1 to clause (23FE)
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FAQ :
The CBDT has notified Norfund, the Government of Norway's Sovereign Wealth Fund, and specified the audit report format required for it to claim tax exemption under Section 10(23FE).
The notification allows Norfund to claim tax exemption on its investments made in India between the notification date and March 31, 2024, provided it meets certain conditions.
Norfund must file its income tax return on time, get its books of account audited and furnish the audit report, submit quarterly statements, maintain segmented accounts for investments, and remain owned and controlled by the Norwegian government.
If Norfund violates any of the stipulated conditions, it will become ineligible for the tax exemption.
This notification comes into force from the date of its publication in the Official Gazette.
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