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of <h1>Government designates sovereign wealth fund for income tax exemption under section 10(23FE) with ten mandatory compliance conditions</h1> The Central Government designated a specific sovereign wealth fund as an eligible entity for income tax exemption under section 10(23FE) of the Income Tax Act, 1961. The notification establishes ten mandatory conditions including filing annual returns, maintaining audited accounts, submitting quarterly statements, maintaining segmented accounts, remaining under government ownership and control, and adhering to specific investment restrictions. The fund must be owned by a foreign government, cannot participate in day-to-day operations of investees, and must maintain separate borrowing restrictions for Indian investments. Compliance with all conditions is required to maintain tax exemption eligibility through March 2030.
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