Notification No. 84/2021 [F. No. 370142/13/2021-TPL (Part- 1)] / SO 3114(E)

Last updated: 05 August 2021

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This notification specifies 2726247 Ontario Inc. as a pension fund eligible for tax exemption on investments made in India between its notification date and March 31, 2024. To qualify, the fund must meet several conditions, including filing income tax returns, providing specific certificates and investment details, maintaining segmented accounts, and adhering to regulations under the Government of Ontario, Canada. Any violation of these conditions will result in the ineligibility for tax exemption.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 3rd August 2021 (INCOME-TAX) S.O. 3114(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 of 1961) (hereinafter referred to as the Act), the Central Government hereby specifies the pension fund, namely, the 2726247 Ontario Inc., (hereinafter referred to as the assessee) as the specif

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1 Year PLAN

1999

(Excl. of GST ₹359)

2 Years PLAN

3499

(Excl. of GST ₹629)

BEST VALUE

3 Years PLAN

4999

(Excl. of GST ₹899)

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FAQ :

The pension fund specified is 2726247 Ontario Inc.

Eligible investments can be made on or after the notification date (August 3, 2021) 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 quarterly, maintaining segmented accounts, and being regulated under the law of the Government of Ontario, Canada.

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

Earnings and assets should be used solely for meeting statutory obligations and defined contributions for participants or beneficiaries of the funds or plans. No portion of earnings or assets should benefit any private person, with specific exceptions for loan payments.

Notification No : 84/2021
Source : https://www.incometaxindia.gov.in/communications/notification/notification_84_2021.pdf

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