Income of a specified person - Sovereign wealth fund i.e. Public Investment Fund Notified for the purposes of the said clause in respect of the investment made by it in India. - 125/2022 - Income Tax Act, 1961
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Sovereign wealth fund exemption under clause 23FE conditioned on filing, audit, reporting, ownership and holding requirements. The notification specifies the Public Investment Fund as the specified person for exemption under clause (23FE) of section 10 for investments in India made up to 31 March 2030, subject to conditions: timely filing of returns; statutory audit and submission of the prescribed audit report; quarterly electronic reporting in Form II; maintenance of segmented accounts; minimum three year holding; exclusive government ownership and control; regulation under the Government of the Kingdom of Saudi Arabia; prohibition on borrowings for investment in India; earnings to accrue to the Government; and restrictions on day to day participation in investees.
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.
Sovereign wealth fund exemption under clause 23FE conditioned on filing, audit, reporting, ownership and holding requirements.
The notification specifies the Public Investment Fund as the specified person for exemption under clause (23FE) of section 10 for investments in India made up to 31 March 2030, subject to conditions: timely filing of returns; statutory audit and submission of the prescribed audit report; quarterly electronic reporting in Form II; maintenance of segmented accounts; minimum three year holding; exclusive government ownership and control; regulation under the Government of the Kingdom of Saudi Arabia; prohibition on borrowings for investment in India; earnings to accrue to the Government; and restrictions on day to day participation in investees.
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