Notification No. 67 /2021 [F. No. 370142/18/2021-TPL] / S.O. 1889(E)

Last updated: 19 May 2021

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The Central Board of Direct Taxes has specified Indo-Infra Inc. as a pension fund eligible for tax exemption on its investments in India. This exemption applies to eligible investments made between the notification date and 31st March 2024. Several conditions must be met, including filing income tax returns, providing specific certificates and details of investments, maintaining segmented accounts, and adhering to Canadian law and fund management regulations.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 17th May, 2021 (INCOME-TAX) S.O. 1889(E).In exercise of the powers conferred by sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 196

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FAQ :

Indo-Infra Inc., a pension fund, is specified as eligible for tax exemption on its eligible investments made in India.

Eligible investments 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 quarterly, and maintaining segmented accounts for investments.

Yes, Indo-Infra Inc. must continue to be regulated under the law of the Government of Canada.

Violation of any stipulated conditions will render Indo-Infra Inc. ineligible for the tax exemption.

No, Indo-Infra Inc. shall not have any loans or borrowings, directly or indirectly, for the purpose of making investments in India.