Notification under clause 23FE of section 10 of the Income tax Act 1961

Last updated: 17 October 2023

Save Share

Quick Summary

This notification specifies Stichting Pensioenfonds ABP as a qualifying pension fund under Clause 23FE of Section 10 of the Income Tax Act, 1961. This designation allows the fund to make eligible investments in India between the notification date and March 31, 2024, potentially benefiting from tax exemptions. However, strict conditions must be met, including timely income tax return filings, obtaining specific certificates, and maintaining detailed records of investments and income.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 13th October, 2023 (INCOME-TAX) S.O. 4501(E). In exercise of the powers conferred by sub-clause (iv) of clause (c) of 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 Stichting Pensioenfonds ABP (PAN: AACCS2647E), (hereinafter referred to as t

Daily Limit Reached

You have reached your daily limit of 2 Free Notice & Circular

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?

No Ads
WhatsApp Community
Daily E-Newsletter
Unlimited Notice & Circular Access
Profile Visitors
Link Social Profiles
Featured Job Posts
Pro Badge
Expert GST Guidance
Unlimited Forum Replies
Download Content in PDF

1 Year PLAN

1999

(Excl. of GST ₹359)

2 Years PLAN

3499

(Excl. of GST ₹629)

BEST VALUE

3 Years PLAN

4999

(Excl. of GST ₹899)

View all CCI PRO benefits

Already a PRO member? Login here for an ad-free experience. 07941056694

FAQ :

This notification specifies Stichting Pensioenfonds ABP as a qualifying pension fund under Clause 23FE of Section 10 of the Income Tax Act, 1961, for eligible investments made in India.

Eligible investments can be made in India 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, maintaining segmented accounts, and continuing to be regulated under Dutch law.

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

The pension fund shall not participate in the day-to-day operations of investee companies, although monitoring mechanisms to protect investments, including the right to appoint directors, are permitted.

Notification No : 89/2023
Source : https://egazette.gov.in/WriteReadData/2023/249418.pdf

232 Views Comment Share Income Tax Report

Notification posted by

CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

Comments