Notification No. 66/2021 [F. No. 370142/13/2021-TPL] / SO 1856(E)

Last updated: 15 May 2021

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This notification designates the OMERS Administration Corporation as a specified pension fund eligible for tax exemption on certain 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, obtaining certificates, intimating investment details, maintaining segmented accounts, and adhering to regulatory requirements under Canadian law.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 13th May, 2021 (INCOME-TAX) S.O. 1856(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 (4

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FAQ :

The OMERS Administration Corporation has been specified as a pension fund eligible for tax exemption on its eligible investments in India.

Eligible investments in India must be made on or after the notification date and 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 for investments, and continuing to be regulated under the law of the Government of Ontario, Canada.

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

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