Pension fund, namely, 2743298 Ontario Limited specified for sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of IT ACT. - 36/2023 - Income Tax Act, 1961
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Specified pension fund exemption: eligible Indian investments qualify for tax exemption subject to strict compliance conditions. The Central Government designates 2743298 Ontario Limited as the specified person under Explanation 1 to clause (23FE) of section 10 of the Income tax Act for eligible investments in India up to 31 March 2030, subject to conditions: timely filing of returns, Form 10BBC certification, quarterly Form 10BBB reporting, segmented accounts, regulation under Ontario/Canadian law, administration of assets for statutory pension obligations, exclusive use of earnings for beneficiaries, prohibition on borrowings for investments in India, and no day to day participation in investee operations.
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Provisions expressly mentioned in the judgment/order text.
Specified pension fund exemption: eligible Indian investments qualify for tax exemption subject to strict compliance conditions.
The Central Government designates 2743298 Ontario Limited as the specified person under Explanation 1 to clause (23FE) of section 10 of the Income tax Act for eligible investments in India up to 31 March 2030, subject to conditions: timely filing of returns, Form 10BBC certification, quarterly Form 10BBB reporting, segmented accounts, regulation under Ontario/Canadian law, administration of assets for statutory pension obligations, exclusive use of earnings for beneficiaries, prohibition on borrowings for investments in India, and no day to day participation in investee operations.
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