Specified person designation enables tax exemption for pension fund investments in India subject to compliance requirements. Specification of the Government Employees Superannuation Board as a specified person under clause (23FE) of section 10 permits exemption for eligible investments in India up to 31 March 2030, conditional on filing returns and Forms 10BBC and 10BBB, maintaining segmented accounts, remaining regulated under Australian law, administering assets solely for statutory retirement and similar benefits, limiting non-purpose assets to ten per cent vested in the Australian government, ensuring earnings do not inure to private persons, prohibiting borrowings for Indian investments and day-to-day participation in investees; violation disqualifies exemption and the notification is effective on publication.
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 enables tax exemption for pension fund investments in India subject to compliance requirements.
Specification of the Government Employees Superannuation Board as a specified person under clause (23FE) of section 10 permits exemption for eligible investments in India up to 31 March 2030, conditional on filing returns and Forms 10BBC and 10BBB, maintaining segmented accounts, remaining regulated under Australian law, administering assets solely for statutory retirement and similar benefits, limiting non-purpose assets to ten per cent vested in the Australian government, ensuring earnings do not inure to private persons, prohibiting borrowings for Indian investments and day-to-day participation in investees; violation disqualifies exemption and the notification is effective on publication.
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