Notification No. 65/2021 [F. No. 370142/15/2021-TPL] / SO 1855(E)

Last updated: 15 May 2021

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This notification specifies the Government Employees Superannuation Board as a designated entity eligible for tax exemption on eligible investments made in India. The exemption applies to investments made between the notification date and 31st March 2024, provided specific conditions are met. These conditions include filing income tax returns, providing required certificates and details of investments, maintaining segmented accounts, and adhering to Australian law and specific investment and asset usage rules.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 13th May 2021 (INCOME-TAX) S.O. 1855(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

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FAQ :

The Government Employees Superannuation Board is specified as the eligible person for tax exemption.

Eligible investments must be made in India 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 adhering to Australian law and specific asset usage rules.

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

This notification comes into force from the date of its publication in the Official Gazette.