Notification No. 64/2021 [F. No. 370142/40/2020-TPL] / SO 1854(E)

Last updated: 15 May 2021

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This notification specifies the Public Sector Pension Investment Board as an eligible entity for tax exemption on its investments made in India between the notification date and March 31, 2024. To qualify, the Board must meet several conditions, including filing income tax returns, providing specific certificates and intimations in prescribed forms (10BBC and 10BBB), maintaining segmented accounts for investments, and adhering to Canadian law. The notification also outlines conditions regarding asset usage, earnings, and borrowing to ensure benefits are not passed to private individuals.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 13th May 2021 (INCOME-TAX) S.O. 1854(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 (43of 1961) (hereinafter referred to as the Act), the Central Government hereby specifies the pension fund, namely, the Public Sector Pension Investment Board, (hereinafter referred to as the assesse

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1999

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3499

(Excl. of GST ₹629)

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4999

(Excl. of GST ₹899)

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FAQ :

The Public Sector Pension Investment Board is specified as the eligible person for tax exemption on its eligible investments made in India.

Eligible investments can be made in India on or after the date of publication of this notification but on or before March 31, 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 adhering to Canadian law.

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

The earnings and assets should primarily be used for meeting statutory obligations and defined contributions for participants or beneficiaries. Any portion of earnings used for other purposes must be credited to an account designated by the Government of Canada, ensuring no private benefit.

No, the assessee shall not have any loans or borrowings, directly or indirectly, for the purposes of making investment in India.

Notification No : 64/2021
Source : https://www.incometaxindia.gov.in/communications/notification/notification_64_2021.pdf

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