Notification No. 34/2021 [F. No. 370142/39/2020-TPL] / SO 1672(E)

Last updated: 24 April 2021

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This notification specifies the Canada Pension Plan Investment Board (CPPIB) as a designated entity eligible for tax exemption on its investments in India. This exemption applies to eligible investments made between the notification's publication date and 31st March 2024. Several conditions must be met, including timely filing of income tax returns, obtaining specific certificates, and maintaining segmented accounts for investments. The CPPIB must also remain regulated under Canadian law and ensure its earnings and assets are used solely for statutory obligations and defined contributions, with no benefit to private individuals.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi, the 22nd April, 2021 (INCOME-TAX) S.O. 1672(E).In exercise of powers conferred by sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act), the Central Government hereby specifies the pension fund, namely, the Canada Pension Plan Investment Board, (hereinafter referred to as the assessee) as the specif

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1 Year PLAN - Rs.~~1999~~

1799

(Excl. of GST ₹323)

2 Years PLAN - Rs.~~3499~~

3149

(Excl. of GST ₹566)

BEST VALUE

3 Years PLAN - Rs.~~4999~~

4499

(Excl. of GST ₹809)

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FAQ :

The Canada Pension Plan Investment Board is specified as the person eligible for tax exemption.

Eligible investments must be made on or after the notification's publication date but on or before 31st March 2024.

Key conditions include filing income tax returns on time, furnishing a certificate in Form No. 10BBC, intimating investment details in Form No. 10BBB, maintaining segmented accounts, and remaining regulated under Canadian law.

Violation of any conditions stipulated in clause (23FE) of section 10 of the Act and this notification will make the assessee ineligible for the tax exemption.

The earnings and assets should only be used for meeting statutory obligations and defined contributions for participants or beneficiaries, with no portion benefiting any other private person.

No, the assessee shall not participate in the day-to-day operations of an investee company, although monitoring mechanisms and the right to appoint directors are not considered participation.

Notification No : 34/2021
Source : https://www.incometaxindia.gov.in/communications/notification/notification_34_2021.pdf

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