Notification No. 89/2020 [F. No. 370133/16/2020-TPL] / SO 3952(E)

Last updated: 04 November 2020

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This notification specifies MIC Redwood 1 RSC Limited, a sovereign wealth fund from Abu Dhabi, as a designated person eligible for tax exemption under clause (23FE) of section 10 of the Income-tax Act. This applies to investments made in India between the notification date and 31st March 2024. Several conditions must be met, including filing income tax returns, getting accounts audited, and submitting quarterly investment statements.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 2nd November, 2020 (INCOME-TAX) S.O. 3952(E).In exercise of powers conferred by sub-clause (vi) of clause (b) of the Explanation to clause (23FE) of section 10 of the Income-tax Act, 1961 (hereinafter referred to as the Act), the Central Government hereby specifies the sovereign wealth fund, namely, the MIC Redwood 1 RSC Limited, Abu Dhabi, United Arab Emirates, (hereinafter referred t

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1 Year PLAN - Rs.~~1999~~

1799

(Excl. of GST ₹323)

2 Years PLAN - Rs.~~3499~~

3149

(Excl. of GST ₹566)

BEST VALUE

3 Years PLAN - Rs.~~4999~~

4499

(Excl. of GST ₹809)

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FAQ :

MIC Redwood 1 RSC Limited, a sovereign wealth fund from Abu Dhabi, United Arab Emirates, is specified.

Investments must be made on or after the notification date (2nd November 2020) but on or before 31st March 2024.

Key conditions include filing income tax returns, getting accounts audited, furnishing quarterly investment statements, and maintaining segmented accounts for income and expenditure related to the investment.

The fund must continue to be owned and controlled, directly or indirectly, by the Government of Abu Dhabi, with no other person having any ownership or control.

The earnings must be credited either to the account of the Government of Abu Dhabi or to any other account designated by that Government, ensuring no portion benefits a private person.

No, the fund cannot have any loan, borrowing, advances, deposits, or investment of any kind directly or indirectly from any person other than the Government of Abu Dhabi.

Notification No : 89/2020
Source : https://www.incometaxindia.gov.in/communications/notification/notification_no_89_2020.pdf

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