Pension Fund investment eligibility: revised rules tighten loan treatment and prescribe certification and application requirements. Rule 2DB is amended to exclude payments to creditors or depositors for loans or borrowings taken for purposes other than making investments in India from clause (iii), omits clause (iv), and inserts an Explanation equating 'loan and borrowing' with the definition in Explanation 2 to clause (23FE). Form No.10BBA is replaced by a new application requiring the pension fund to certify foreign constitution and regulation, tax status or exemption, fiduciary investment purpose for retirement-related benefits, exclusive use of earnings for beneficiaries (with limited creditor/depositor exception), limited non-participation in investee operations, and to attach constitutive documents and verification.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Pension Fund investment eligibility: revised rules tighten loan treatment and prescribe certification and application requirements.
Rule 2DB is amended to exclude payments to creditors or depositors for loans or borrowings taken for purposes other than making investments in India from clause (iii), omits clause (iv), and inserts an Explanation equating "loan and borrowing" with the definition in Explanation 2 to clause (23FE). Form No.10BBA is replaced by a new application requiring the pension fund to certify foreign constitution and regulation, tax status or exemption, fiduciary investment purpose for retirement-related benefits, exclusive use of earnings for beneficiaries (with limited creditor/depositor exception), limited non-participation in investee operations, and to attach constitutive documents and verification.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
