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Central Government specifies the sovereign wealth fund, namely, Public Investment Fund - 125/2022 - Income Tax

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..... f March, 2024 (hereinafter referred to as “the said investments”) subject to the fulfilment of the following conditions, namely:- (i) the assessee shall file return of income, for all the relevant previous years falling within the period beginning from the date on which the said investment has been made and ending on the date on which such investment is liquidated, on or before the due date specified for furnishing the return of income under sub-section (1) of section 139 of the Act; (ii) the assessee shall get its books of account audited for the previous years referred to in clause (i) by an accountant specified in the Explanation below sub-section (2) of section 288 of the Act and furnish the Audit Report in the format annexe .....

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Central Government specifies the sovereign wealth fund, namely, Public Investment Fund - 125/2022 - Income Tax

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..... a) of clause (ii) of Explanation 2 to clause (23FE) of section 10 of the Act] made for purposes other than for making investment in India; (viii) the assessee shall not have any loan or borrowing [as defined in sub-clause (a) of clause (ii) of Explanation2 to clause (23FE) of section 10 of the Act], directly or indirectly, for the purposes of making investment in India; (ix) the assets of the assessee shall vest in the Government of the Kingdom of Saudi Arabia upon dissolution, barring any payment made to creditors or depositors for loan taken or borrowing for purposes other than for making investment in India; (x) the assessee shall not participate in the day-to-day operations of investee (as defined in clause (i) of Explanation 2 to claus .....

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Central Government specifies the sovereign wealth fund, namely, Public Investment Fund - 125/2022 - Income Tax

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..... information and according to examination of books of account including other relevant documents and explanations given to*me/us, it is certified that the assessee *has/ has not complied with the conditions as laid down under clause (23FE) of section 10 of the Income-tax Act, 1961 (hereinafter referred to as the "Act") and those provided in the said notification specifying the assessee being the Sovereign Wealth Fund (hereinafter referred to as the "SWF") as specified person for the purposes of claiming exemption under the said clause (23FE) of the Act. 2.1 *The conditions not complied with by the assessee are as under:- (a) …………………………….… .....

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Central Government specifies the sovereign wealth fund, namely, Public Investment Fund - 125/2022 - Income Tax

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..... r clause (23FE) of section 10 of the Act (as per details in column 11 of table at item No.6) : 6. The opening balance (i.e., the closing balance as on the last date of the preceding financial year) of the investment made which is eligible for exemption under clause (23FE) of section 10 of the Act is _____________(in rupees) and details of the investment by the Sovereign Wealth Fund (SWF) during the period are as under: Sl. No. Date of inves-tment Amount of inves-tment Nature of investment (Note 4) Nature of income (Note 5) Amount of income on investment during the year Details of the entity in which Investment made Amount of income which is eligible for exemption under clause (23FE) of section 10 of the Act (Attach calculation sheet as per .....

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Central Government specifies the sovereign wealth fund, namely, Public Investment Fund - 125/2022 - Income Tax

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..... tly or indirectly (c) Whether the Government of foreign country owns and controls the SWF, directly or indirectly Directly/ Indirectly (d) If the Government of foreign country owns and controls the SWF indirectly, give details of the chain of ownership (e) Name of the law(s) under which the SWF is set up and regulated (f) Whether the earnings of the said fund are credited either to the account of the Government of that foreign country or to any other account designated by that Government so that no portion of the earnings inures any benefit to any private person, barring any payment made to creditors or depositors for loan taken or borrowing made for purposes other than for making investment in India. Yes/No (g) Whether the asset of the sai .....

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Central Government specifies the sovereign wealth fund, namely, Public Investment Fund - 125/2022 - Income Tax

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..... received during the year (iv) Amount of loan or borrowing repaid during the year (v) Amount of loan or borrowing at the end of the year (n) Whether separate segmented account is maintained for income and investment in respect of investment which qualifies for exemption under clause (23FE) of section 10 of the Act Yes/No Place: …………… Date: …………… **(Signature and stamp/ Seal of the signatory) Name of the signatory ………………… Full address …………………………… Membership No……..………………… UDIN…&hell .....

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Central Government specifies the sovereign wealth fund, namely, Public Investment Fund - 125/2022 - Income Tax

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