Notification No. 112/2021 [F. No. 370142/39/2021-TPL] / SO 3801(E)

Last updated: 20 September 2021

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This notification specifies the 276522 Ontario Limited pension fund as a designated entity eligible for tax exemption on its investments in India. These investments must be made between the notification's publication 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. The fund's earnings and assets must primarily be used for statutory obligations and participant benefits, with strict limits on use for other purposes.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 16th September, 2021 (INCOME-TAX) S.O. 3801(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 276522 Ontario Limited, (hereinafter referred to as the assessee) 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 :

The 276522 Ontario Limited pension fund is specified as the assessee for the purposes of this notification.

Eligible investments must be made on or after the notification's publication 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, maintaining segmented accounts, and adhering to Canadian law.

The earnings and assets should primarily be used for meeting statutory obligations and defined contributions for participants or beneficiaries of retirement, social security, or similar plans. No portion should benefit any private person, with limited exceptions for loan payments.

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

No, the assessee shall not participate in the day-to-day operations of its investees. However, monitoring mechanisms to protect investments, including appointing directors, are not considered participation.

Notification No : 112/2021-Income Tax
Source : https://incometaxindia.gov.in/communications/notification/notification-no-112-2021.pdf

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