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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 person eligible for tax exemption.
The notification covers eligible investments made in India by the School Employees Retirement System of Ohio on or after the 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 continuing to be regulated under the law of the State of Ohio.
Violation of any of the stipulated conditions will render the assessee ineligible for the tax exemption.
This notification comes into effect from the date of its publication in the Official Gazette.
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Notification No : 130 /2021 - Income TaxPublished in Income Tax
Source : https://www.incometaxindia.gov.in/communications/notification/notification-130-2021.pdf