Specified person designation under clause 23FE conditions tax exemption on Indian investments subject to strict compliance and reporting.
Designation of CDPQ Fixed Income XI Inc. as a specified person under clause (23FE) of section 10 conditions tax exemption on eligible Indian investments upon fulfilment of specific requirements: timely income-tax return filing, Form No. 10BBC accountant certification, quarterly Form No. 10BBB investment intimations, segmented accounting for qualifying investments, continued regulation under Que bec law, use of earnings and assets solely for statutory obligations and defined contributions, limits on non-core asset use with vesting to the Government of Que bec, prohibition on borrowings for Indian investments, and restriction on day-to-day participation in investees; breach renders exemption unavailable.

Specified person designation for pension fund tax exemption requires compliance, reporting, asset use limits and no investment borrowings.
Specification of a pension fund as a specified person for tax exemption on eligible investments in India is subject to conditions including timely filing of returns, furnishing a prescribed compliance certificate, quarterly investment intimations, maintenance of segmented accounts, continued regulation under Que bec law, limitation of asset uses to statutory obligations for beneficiaries, restrictions on borrowings for making investments in India, prohibition on participation in day to day operations of investees (while allowing monitoring rights), and that breach of any condition will render the fund ineligible for the exemption.

Specified pension fund recognition conditions tax exemption on qualifying investments subject to reporting, governance, and use of funds safeguards.
Specification designates CDPQ Infrastructures Asia III Inc. as a specified person under clause (23FE) of section 10 for eligible investments in India up to the notified cut-off, subject to conditions including filing timely returns, furnishing Form No.10BBC certified by an accountant, quarterly investment disclosures in Form No.10BBB, maintenance of segmented accounts, continued regulation under Que bec law, exclusive use of earnings and assets to meet statutory obligations of pension or similar plans, restrictions on non-core assets, prohibition on borrowings for Indian investments, and limits on operational participation in investees.

Pension fund exemption for Caisse de de po t et placement du Que bec subject to compliance and reporting conditions.
The Central Government specifies Caisse de de po t et placement du Que bec as the specified person under clause (23FE) of section 10 for eligible investments in India during the prescribed period, conditional on filing returns and Form No.10BBC certification, quarterly intimation in Form No.10BBB, maintaining segmented accounts, continued regulation under Que bec law, administering assets to meet statutory retirement and related obligations, limits on non-core assets, prohibition of loans or borrowings for Indian investments, and prohibition on day-to-day participation in investee operations while permitting monitoring rights.

PAN/Aadhaar requirement exemption for eligible foreign investors transacting in IFSC listed assets, subject to identity and reporting obligations.
Exemption from PAN/Aadhaar requirements is provided for non resident eligible foreign investors who transact only in specified listed capital assets on recognised IFSC stock exchanges with consideration payable in foreign currency, subject to (i) no other income in India and (ii) furnishing name, e mail, contact number, foreign address, declaration of residency, and Tax Identification Number or alternate government issued unique identification to the stock broker. The stock broker must upload the residency declaration and electronically furnish a quarterly statement to tax authorities within fifteen days from quarter end.

Significant economic presence: monetary and user thresholds now determine taxable nexus for non-residents under income-tax rules.
Rule 11UD fixes thresholds for significant economic presence: the aggregate of payments arising from transactions in respect of goods, services or property, including provision or download of data or software in India, shall be two crore rupees; and the number of users with whom systematic and continuous business activities are solicited or who are engaged in interaction shall be three lakhs.

Option to withdraw pending settlement application must be made via Form 34BB and filed electronically with verified intimation.
Rule 44DA requires the exercise of the option to withdraw a pending settlement application to be made in Form No. 34BB, verified by the person authorised to verify the return of income, furnished electronically per procedures, formats and standards specified by the Principal Director-General/Director-General of Income-tax (Systems), and accompanied by an uploaded signed printout; Form No. 34BB also requires affirmation that the original application was not declared invalid nor subject to a specified order by the stated cutoff date and includes a verification clause confirming competence to verify.

Statement of Financial Transactions reporting requires RTAs to submit structured mutual fund SFT data and signed control statements securely.
RTAs must submit prescribed ASCII-delimited SFT data files (Batch, Account Summary, Transaction Summary, Off-Market) via secure SFTP with a signed control statement, following field-level formats and validation rules. Reporting covers user-initiated debits (excluding certain transfers), requires FIFO matching for acquisition identification, classification by security class and holding period, methods for estimating sale consideration and cost of acquisition (including adjusted/indexed treatment for pre-specified dates), and provides procedures for correction and deletion of submitted records. Entities must implement information security, archival and retrieval policies and furnish reported information to account holders for AIS reconciliation.

Depository transaction reporting: standardized SFT submission and FIFO valuation ensure data for capital gains pre fill and reconciliation.
Depositories must furnish structured Statement of Financial Transactions for specified depository debits in prescribed ASCII delimited files and a signed control statement, using defined file types and field formats. Asset classification uses specified security class codes and FIFO matching for corresponding credits; estimated sale consideration and acquisition cost are determined on weighted average and adjusted FMV rules with indexation where applicable. Files are submitted via SFTP, validated against schema and business rules, and corrected through correction or deletion statements; entities must implement information security and archival policies.

Deadline extension under Direct Tax Vivad se Vishwas Act postpones statutory filing and payment timelines for pending declarations.
The notification amends Notification No. 85/2020 under the Direct Tax Vivad se Vishwas Act, 2020 by substituting later calendar dates in clause (b) and clause (c), thereby postponing the statutory deadline and the commencement date specified in those clauses and altering the operative timelines for compliance under the scheme.

Time-limit extension for income-tax assessment and related procedural actions extended to a later statutory deadline.
Further extends specified statutory time limits to the end of June 2021 for completion of assessment and reassessment actions, issuance of reassessment notices and required sanctions, pronouncement of certain dispute-resolution orders under the Income-tax Act (applying pre-Finance Act procedural provisions where applicable), and for intimations under the Finance Act chapter previously extended to the end of April 2021.

Pension fund asset eligibility: new provisos permit limited government-owned foreign assets and ring-fenced earnings to avoid private benefit.
The amendment to rule 2DB permits a pension fund to hold up to ten per cent of its assets in instruments wholly owned by a foreign Government that vest in that Government on dissolution, deeming clause (ii) satisfied when conditions are met. Earnings from such assets are excluded from clause (iii) if credited to the foreign Government or a designated account so no portion inures to private persons. The amendment also replaces the pension fund notification application form, requiring certifications on establishment, tax status, purpose of assets, restrictions on non-qualifying investments, non-distribution of earnings, limited operational participation, and supporting documents with verification.

Section 80G recognition: Maa Umiya Temple certified as a place of worship and artistic importance for tax purposes.
Central Government notifies Maa Umiya Temple managed by Vishv Umiya Foundation at Jaspur, Ahmedabad (PAN: AACTV3807E) as a place of artistic importance and a place of public worship of renown throughout Gujarat for the purposes of clause (b) of sub section (2) of section 80G of the Income tax Act, with effect from Financial Year 2021 2022 relevant to Assessment Year 2022 2023.

Tax exemption for specified pension fund allowed for eligible India investments subject to compliance and reporting obligations.
CPP Investment Board Private Holdings (4) Inc. is specified as the specified person for the tax exemption under clause 23FE for eligible investments in India from publication until the terminal date, conditional on return filing, Form No.10BBC certification, Form No.10BBB quarterly disclosures, segmented accounts, continued Canadian regulation, administration of assets to meet statutory retirement and related obligations, restriction on use of earnings, prohibition on borrowings for investments in India, and non-participation in day-to-day investee operations; violation of conditions renders the fund ineligible.

Specified pension fund designation grants conditional tax exemption for eligible investments in India subject to prescribed compliance and reporting.
The government designates the Canada Pension Plan Investment Board as the specified person under clause (23FE) of section 10 for eligible investments in India within the notified period, conditional on compliance with filing returns, furnishing an accountant's compliance certificate, quarterly investment intimation, segmented accounting, continued Canadian regulation, administration solely for statutory and defined contributions, prohibition on inuring benefits to private persons, prohibition on borrowings for making investments in India, and restriction from day to day participation in investees; breach of any condition results in loss of exemption.

Interest Income reporting required annually under SFT rules with prescribed format, validation and correction mechanisms.
Specified banks, post offices and registered NBFCs must report Interest Income via SFT-016 under Section 285BA/Rule 114E in a prescribed ASCII-delimited file with mandatory fields (including RSN, FY, Name, PAN or PANNOTAVBL, Account Number, Type of Account, Interest) validated, compressed, encrypted and digitally signed before upload; each upload yields a Statement ID, rejected files must be corrected and resubmitted, and corrections/deletions are effected by submitting Correction/Deletion Statements referencing original Statement IDs and RSNs.

Statement of Financial Transactions requires reporting dividend payments in prescribed format and timely upload for pre filling tax returns.
Section 285BA read with Rule 114E mandates furnishing an SFT for dividend income in prescribed form and manner. Companies paying dividends must report total dividend per recipient for the financial year using transaction code SFT-015. Files must be ASCII, pipe-delimited, validated, compressed, encrypted, digitally signed by the Designated Director and uploaded to the reporting portal by 31st May following the year. Correction and Deletion Statements reference original Statement IDs and RSNs to mark earlier reports inactive. Detailed data fields and exhaustive upload/file-level validation rules are specified, and reporting entities must implement information security and archival procedures.

Sovereign wealth fund exemption conditioned on ownership, reporting, audit, segmented accounts, and prohibition on borrowings for investments.
Specification names Norfund, Government of Norway as a specified person eligible for exemption for investments made in India within the notified period, contingent on compliance with conditions including timely income-tax return filing, statutory audit and submission of a prescribed audit report, quarterly electronic investment statements, and maintenance of segmented accounts. Additional conditions require continued government ownership and regulation under Norwegian law, earnings to vest with the government or its designated account with limited exceptions for creditor payments, prohibition on borrowings for India-directed investments, non-participation in investee day-to-day operations while permitting monitoring and director appointment rights, and forfeiture of exemption upon any breach.

Pension Fund investment eligibility: revised rules tighten loan treatment and prescribe certification and application requirements.
Rule 2DB is amended to exclude payments to creditors or depositors for loans or borrowings taken for purposes other than making investments in India from clause (iii), omits clause (iv), and inserts an Explanation equating "loan and borrowing" with the definition in Explanation 2 to clause (23FE). Form No.10BBA is replaced by a new application requiring the pension fund to certify foreign constitution and regulation, tax status or exemption, fiduciary investment purpose for retirement-related benefits, exclusive use of earnings for beneficiaries (with limited creditor/depositor exception), limited non-participation in investee operations, and to attach constitutive documents and verification.

Designation of income tax authority: Joint Director assigned for international group reporting, with updated filing and documentation responsibilities.
Revises Rules 10DA and 10DB and Form No. 3CEAB: substitutes "Director" for "Commissioner" in Rule 10DA and reframes the filing population as "constituent entities of an international group required to file the information and document under sub rule (2)"; designates the income tax authority for section 286 reporting as a Joint Director designated by the Principal Director General or Director General of Income tax (Systems); amends the filing fee and removes ",resident in India," from Form 3CEAB heading.