Income of a specified person from an investment made in India - Pension fund, namely, Teacher Retirement System of Texas notified. - 119/2022 - Income Tax Act, 1961
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Specified person designation: pension fund's India investment income exemption subject to compliance, reporting, and operational restrictions. The Central Government designates Teacher Retirement System of Texas as a specified person under clause (23FE) of section 10 for eligible investments in India up to the notified cut-off, conditioned on filing timely returns, furnishing Form No. 10BBC, quarterly investment intimation in Form No. 10BBB, maintenance of segmented accounts, continued regulation under Texas or US federal law, use of earnings and assets solely for statutory obligations of retirement plans, prohibition on borrowings for Indian investments, and no participation in investee day-to-day operations except limited monitoring rights.
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: pension fund's India investment income exemption subject to compliance, reporting, and operational restrictions.
The Central Government designates Teacher Retirement System of Texas as a specified person under clause (23FE) of section 10 for eligible investments in India up to the notified cut-off, conditioned on filing timely returns, furnishing Form No. 10BBC, quarterly investment intimation in Form No. 10BBB, maintenance of segmented accounts, continued regulation under Texas or US federal law, use of earnings and assets solely for statutory obligations of retirement plans, prohibition on borrowings for Indian investments, and no participation in investee day-to-day operations except limited monitoring rights.
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