Notification in case of BPC Penco XVII Corporation under section 10(23FE) of the Income tax Act 1961

Last updated: 03 November 2023

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The Ministry of Finance has specified BPC Penco XVII Corporation as a pension fund eligible for benefits under Section 10(23FE) of the Income Tax Act, 1961. This designation applies to eligible investments made in India between the notification date and March 31, 2024. Several conditions must be met, including filing income tax returns, providing specific certificates and investment details, and adhering to regulations regarding fund management and asset usage.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 1st November, 2023 (INCOME-TAX) S.O. 4755(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, 1961 (43 of 1961) (hereinafter referred to as the Act), the Central Government hereby specifies the pension fund, namely, BPC Penco XVII Corporation (PAN: AALCB4169R), (hereinafter referred to as the

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1 Year PLAN

1999

(Excl. of GST ₹359)

2 Years PLAN

3499

(Excl. of GST ₹629)

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3 Years PLAN

4999

(Excl. of GST ₹899)

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FAQ :

This notification specifies BPC Penco XVII Corporation as a designated pension fund for the purposes of Section 10(23FE) of the Income Tax Act, 1961, concerning eligible investments made in India.

Eligible investments in India must be made on or after the date of this notification's publication in the Official Gazette and 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, maintaining segmented accounts, and adhering to regulations regarding asset usage and administration.

Violation of any conditions stipulated in Section 10(23FE) of the Act or this notification will make the assessee ineligible for the tax exemption.

BPC Penco XVII Corporation shall continue to be regulated under the law of the Government of Ontario, Canada.

No, the assessee shall not have any loans or borrowings, directly or indirectly, for the purposes of making investment in India.

Notification No : 95/2023
Source : https://egazette.gov.in/(S(22nbo20s0mx2knrus0l3h1fy))/ViewPDF.aspx

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