Notification No. 111/2021 [F. No. 370142/40/2021-TPL] / SO 3800(E)

Last updated: 20 September 2021

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This notification specifies 2452991 Ontario Limited as a designated pension fund eligible for tax exemption on its investments in India. The 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 intimations, and adhering to rules regarding asset usage and regulation by the Government of Canada. Failure to comply with these conditions will result in ineligibility for the tax exemption.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi, the 16th September, 2021 Notification No. 111/2021 - INCOME TAX S.O.3800(E). -In exercise of powers conferred by sub-clause (iv) of clause (c) of theExplanation1 to clause (23FE) of section 10 of th

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FAQ :

The notification designates 2452991 Ontario Limited as a specified person for tax exemption purposes under clause (23FE) of section 10 of the Income-tax Act, 1961, for eligible investments made in India.

Eligible investments must be made on or after the date of publication of this notification and on or before the 31st day of 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, and continuing to be regulated under Canadian law.

Violation of any conditions stipulated in clause (23FE) of section 10 of the Act and this notification will render the assessee ineligible for the tax exemption.

The specified person is the pension fund named 2452991 Ontario Limited.

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Notification No : 111/2021 - INCOME TAX
Published in Income Tax
Source : https://incometaxindia.gov.in/communications/notification/notification-no-111-2021.pdf

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