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of <h1>UK sovereign wealth fund granted tax exemption under section 10(23FE) until March 2030 with compliance conditions</h1> The Central Government designated a specific sovereign wealth fund as a specified person under section 10(23FE) of the Income Tax Act, 1961, granting tax exemption for investments made in India from the notification date until March 31, 2030. The designation requires compliance with ten conditions including filing annual returns, maintaining audited accounts, submitting quarterly statements, maintaining segmented accounts, remaining under UK government ownership and control, crediting earnings to UK government accounts, avoiding loans for Indian investments, and not participating in day-to-day operations of investees. The notification includes detailed audit report requirements and compliance verification procedures. Non-compliance with any condition renders the entity ineligible for tax exemption.
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