Specified person designation for pension fund tax exemption requires compliance, reporting, asset use limits and no investment borrowings. Specification of a pension fund as a specified person for tax exemption on eligible investments in India is subject to conditions including timely filing of returns, furnishing a prescribed compliance certificate, quarterly investment intimations, maintenance of segmented accounts, continued regulation under Que bec law, limitation of asset uses to statutory obligations for beneficiaries, restrictions on borrowings for making investments in India, prohibition on participation in day to day operations of investees (while allowing monitoring rights), and that breach of any condition will render the fund ineligible for the exemption.
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.
Specified person designation for pension fund tax exemption requires compliance, reporting, asset use limits and no investment borrowings.
Specification of a pension fund as a specified person for tax exemption on eligible investments in India is subject to conditions including timely filing of returns, furnishing a prescribed compliance certificate, quarterly investment intimations, maintenance of segmented accounts, continued regulation under Que bec law, limitation of asset uses to statutory obligations for beneficiaries, restrictions on borrowings for making investments in India, prohibition on participation in day to day operations of investees (while allowing monitoring rights), and that breach of any condition will render the fund ineligible for the exemption.
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 
