Notification No. 130/2021 [F. No. 370142/50/2021-TPL] / SO 4592(E)

Last updated: 12 November 2021

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This notification specifies the School Employees Retirement System of Ohio as a designated person eligible for tax exemption on specific investments made in India. The exemption applies to eligible investments made between the notification date and March 31, 2024. Several conditions must be met, including filing income tax returns, providing a certificate of compliance, intimating investment details, and maintaining segmented accounts. The fund must also remain regulated by Ohio law and use its earnings solely for statutory obligations and participant benefits, with strict limits on non-qualifying asset use.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 2nd November, 2021 (INCOME-TAX) S.O. 4592(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

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FAQ :

The School Employees Retirement System of Ohio is specified as the designated person for tax exemption purposes.

Eligible investments must be made on or after the notification date 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, and maintaining segmented accounts for investments.

The earnings and assets must be used solely for meeting statutory obligations and defined contributions for participants or beneficiaries. No portion of earnings should benefit any private person, with specific exceptions for loans and certain asset uses.

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

Yes, the assessee shall not have any loans or borrowings, directly or indirectly, for the purpose of making investment in India.

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Notification No : 130 /2021 - Income Tax
Published in Income Tax
Source : https://www.incometaxindia.gov.in/communications/notification/notification-130-2021.pdf

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