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of <h1>California pension fund receives tax exemption under section 10(23FE) for Indian investments until 2030</h1> The Central Government designated a California-based pension fund as a specified person under section 10(23FE) of the Income-tax Act, 1961, granting tax exemption for eligible investments made in India until March 31, 2030. The exemption requires compliance with ten conditions including filing annual returns with Form 10BBC certificates, quarterly investment reporting via Form 10BBB, maintaining segmented accounts, continuing California state regulation, serving retirement/social security purposes exclusively, prohibiting loans for Indian investments, avoiding day-to-day operations participation, and holding investments for minimum three years. Violation of any condition renders the entity ineligible for tax exemption. The notification became effective upon Official Gazette publication and has been amended twice extending the deadline from 2024 to 2025 to 2030.
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