Notification No. 62/2021 [F. No. 370142/47/2020-TPL] / SO 1852(E)

Last updated: 15 May 2021

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This notification specifies the CDC Group Plc as a sovereign wealth fund eligible for tax exemption on its investments in India. The exemption applies to investments made from the notification's publication date until March 31, 2024. Several conditions must be met, including filing income tax returns, auditing accounts, and submitting quarterly statements. Failure to comply with these conditions will result in the loss of tax exemption.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 13th May, 2021 (INCOME-TAX) S.O. 1852(E).In exercise of the powers conferred by sub-clause (vi) of clause (b) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 196

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FAQ :

The CDC Group Plc, a sovereign wealth fund, is specified as the assessee eligible for tax exemption.

Investments made on or after the notification's publication date but on or before March 31, 2024, are eligible.

Key conditions include filing income tax returns, getting accounts audited, furnishing quarterly statements, maintaining segmented accounts for investments, and remaining owned/controlled by the UK Government.

Violation of any stipulated condition will render the assessee ineligible for the tax exemption.

Yes, the assessee must file a quarterly statement in Form II within one month of each quarter's end, detailing each investment made during that quarter.

Yes, the assessee must continue to be owned and controlled by the UK Government, with no other person having any ownership or control.