Income-tax (10th Amendment) Rules, 2021 - Amends Rule 2DB. Other conditions to be satisfied by the pension fund

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....Amendment) Rules, 2021. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 2DB,- (i) after clause (iii), the following proviso shall be inserted, namely:− "Provided that the provisions of clause (iii) shall not apply to any payment made to creditors or depositors for loan taken or borrowing for the purposes other than for making investment in India;"; (ii) clause (iv) shall be omitted; (iii) after clause (vi), the following Explanation shall be inserted, namely:− 'Explanation: For the purposes of this rule, "loan and borrowing" shall have the same meaning as assigned to it in s....

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....that law; (b) the Pension Fund is not liable to tax in the foreign country mentioned at (a) above or if liable to tax, exemption from taxation for all its income has been provided by such foreign country; (c) the Pension Fund is responsible for administering or investing the assets for meeting the statutorily obligations and defined contributions of one or more funds or plans established for providing retirement, social security, employment, disability, death benefits or any similar compensation to the participants or beneficiaries of such funds or plans, as the case may be; (d) the earnings and assets of the Pension Fund are used only for meeting statutory obligations and defined contributions for participants or beneficiaries of fun....