Person chargeable with duty must be the importer at importation; subsequent purchasers cannot be held liable where beneficial owner rules did not appl...
A pension fund is specified as a "specified person" for purposes of section 10(23FE) in respect of eligible investments made in India from the notification's publication date up to 31 March 2030, subject to compliance with prescribed conditions. The conditions require timely filing of income-tax returns for all relevant previous years until liquidation of the investment, quarterly reporting of investment details in Form 10BBB, furnishing an accountant's certificate in Form 10BBC, maintaining segmented accounts for exempt investment income and expenditure, continued foreign regulatory status, and limiting activities and asset use to qualifying retirement-type purposes, including prohibitions on borrowings for Indian investments and on day-to-day operational participation in investees. Breach of any condition renders the fund ineligible for the exemption.
A pension fund is specified as a "specified person" for purposes of section 10(23FE) in respect of eligible investments made in India from the notification's publication date up to 31 March 2030, subject to compliance with prescribed conditions. The conditions require timely filing of income-tax returns for all relevant previous years until liquidation of the investment, quarterly reporting of investment details in Form 10BBB, furnishing an accountant's certificate in Form 10BBC, maintaining segmented accounts for exempt investment income and expenditure, continued foreign regulatory status, and limiting activities and asset use to qualifying retirement-type purposes, including prohibitions on borrowings for Indian investments and on day-to-day operational participation in investees. Breach of any condition renders the fund ineligible for the exemption.
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