TMI BlogIncome-tax Amendment (Thirteenth Amendment) Rules, 2022X X X X Extracts X X X X X X X X Extracts X X X X ..... s of clause (23FE) of section 10 of the Act, the percentages referred to in item (c), item (d) and item (e) of sub-clause (iii) , and the exempt income referred to in the fourth, fifth and sixth proviso shall be calculated in accordance with this rule. (2) The percentage referred to in item (c) of sub-clause (iii) of clause (23FE) of section 10 of the Act shall be calculated in the following manner, namely:- (A+C+D)/B * 100 Where,- A = Aggregate of eligible investments, appearing in the balance sheet of the Alternative Investment Fund as on the last date of all the financial years starting from the financial year 2021-22 and ending on the financial year immediately preceding the relevant previous year, made in one or more of the company or enterprise or entity referred to in item (b) of sub-clause (iii) of clause (23FE) of section 10 of the Act or in an Infrastructure Investment Trust referred to in sub-clause (i) of clause (13A) of section 2 of the Act; B= Aggregate of eligible investments appearing in the balance sheet of the Alternative Investment Fund as on the last date of all the financial years starting from the financial year 2021-22 and ending on the financi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the relevant previous year. (3) The percentage referred to in item (d) of sub-clause (iii) of clause (23FE) of section 10 of the Act shall be calculated in the following manner, namely:- E /F * 100 Where,- E = Aggregate of eligible investments, appearing in the balance sheet of the domestic company as on the last date of all the financial years starting from the financial year 2021-22 and ending on the financial year immediately preceding the relevant previous year, made in one or more of the company or enterprise or entity referred to in item (b) of sub-clause (iii) of clause (23FE) of section 10 of the Act; and F= Aggregate of eligible investments appearing in the balance sheet of the domestic company as on the last date of all the financial years starting from the financial year 2021-22 and ending on the financial year immediately preceding the relevant previous year: Provided that in the case of financial year 2021-22 being the relevant previous year, the above amounts shall be calculated using the aggregate of eligible investments, appearing in the balance sheet of the financial year 2021-22 as on 31st March 2022: Provided further that in a case where t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar as on the last date of that year: Provided also that for the financial year 2025-26 being the relevant previous year and for subsequent relevant previous years, the percentage referred to in item (e) of sub-clause (iii) of clause (23FE) of section 10 of the Act shall be deemed to have been satisfied if the same is satisfied for the financial year 2024-25 being the relevant previous year. (5) For the purposes of the fourth proviso to sub-clause (iii) of clause (23FE) of section 10 of the Act, the income accrued or arisen or attributed to, or received by, the specified person, who is a unit holder of an Alternative Investment Fund, out of investment made in that fund, shall be chargeable to income-tax in the same manner as if it were the income accrued or arisen or attributed to, or received by, such person had the investment made by such investment fund been made directly by him and the calculation of exempt income of the specified person arising from the investment in such fund during the relevant previous year shall be made in the following manner, namely:- I+J+K+L where.- I = Income accrued or arisen or attributed or received during the relevant previous year fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, computed in accordance with the provisions of the Act; N = Aggregate of eligible investments, appearing in the balance sheet of the domestic company as on the last date of the previous year immediately preceding the relevant previous year (last date of the relevant previous year if eligible investment has been made during the relevant previous year for the first time), made by domestic company in one or more of the company or enterprise or entity referred to in item (b) of sub-clause (iii) of clause (23FE) of section 10 of the Act, out of investment made by the specified person on or after the date of notification of the specified person under the said clause; and O = Aggregate of investments, appearing in the balance sheet of the domestic company as on the last date of the previous year immediately preceding the relevant previous year (last date of the relevant previous year if eligible investment has been made during the relevant previous year for the first time), out of any investment made by the specified person. (7) For the purposes of sixth proviso to sub-clause (iii) of clause (23FE) of section 10 of the Act, the exempt income during the relevant previous ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which the eligible investments have been first received from the specified person and all subsequent previous years till the eligible investment received from the specified person is returned. (11) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, shall - (i) specify the procedure, formats and standards for ensuring secure capture and transmission of the data in Form No. 10BBD; and (ii) specify the procedure, format, data structure, standards and manner of generation of electronic verification code, referred to in sub-rule (9), for verification of the person furnishing the said Form; and (ii) be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to the Form No 10BBD so furnished. Explanation 1: For the purposes of this rule, the expressions - (a) Alternative Investment Fund means Category I or Category II Alternative Investment Fund referred to in item (c) of sub-clause (iii) of clause (23FE) of section 10 of the Act; (b) Balance Sheet means the balance-sheet (including the notes annexed thereto and forming part of the acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... formation S.no 1. Quarter Ending June 30th /September 30th / December 31st / March 31 st 2. Financial Year Y Y y y - y y y y 3. Name of Pension Fund 4. PAN 5. Details of Notification vide which notified under clause (23FE) of section 10 of the Income-tax Act, 1961 Notification No Date of Notification Part B Particulars of Investment Sl No Date of investmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 4. #One of the following codes is to be selected Nature of Income Code Interest 1 Dividend 2 Capital Gains 3 Others 4 5. ^One of the following codes is to be selected: Nature of entity in which investment is made Code Business Trust referred to in item (a) of sub-clause (iii) of clause (23FE) of section 10 of the Act 1 Company or enterprise or entity referred to in item (b) of sub- clause (iii) of clause (23FE) of section 10 of the Act 2 Alternative Investment Fund referred to in item (c) of sub- clause (iii) of clause (23FE) of section 10 of the Act 3 Domestic company referred to in item (d) of sub-clause (iii) of clause (23FE) of section 10 of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n item (c) or (d) or (e) of sub-clause (iii) of clause (23FE) of section 10 (Attach calculation sheet as per relevant rules) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 1. 2. Total 7. * (a) whether the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stablished (Note 6 $$ Nature of the fund/plan (Note7) ## Percentage of value of assets received from each plan/fund to total value of assets administered orinvested by the PF c) If some of the funds/plans administered or invested by the PF are in the nature of SWF, then whether they fulfill the following conditions: (i) assets of these funds/plans are wholly owned directly or indirectly by the Government of a foreign country; and (ii) such assets vests in the Government of such foreign country upon dissolution. Yes/No d) whether portion of the earnings or assets of the Pension Fund inures any benefit to any private person (other than for meeting statutory obligations and defined contributions for participants or beneficiaries of funds or plans referred to in clause (ii) of the rule 2DB; or for any payment made to creditors or depositors for loan or borrowing [as defined in sub-clause (b) of clause (ii) of Explanation 2 to clause (23FE) of section 10 of the Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... See note 8*** Verification It has been ensured that the information furnished is true and correct in all respects and no relevant information has been concealed or withheld. 2. Neither I, nor any of my partners, is a director, partner or an employee of the above-mentioned entities or its associated concerns. 3. I/ we* fully understand that any statement made in this certificate, if proved incorrect or false, will render me/us* liable for any penal or other consequences as may be prescribed in law or is otherwise warranted. Verified today the ___________ day of ______________ Place __________ (Signature and Stamp/ Seal of the Signatory) Accountant____________________ Name of the Signatory___________________ Membership No.__________________ Notes: 1. *Delete whichever is not applicable. 2. This certificate is to be given by an accountant as defined in the Explanation below sub-section (2) of section 288 of the Act. 3. $One of the following codes is to be selected: Nature of Investment Code ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sovereign Wealth Fund 2 Others 3 8. ***One or more of the following codes is to be selected: Intimation in form 10BBB Code Quarter ending 30 th June of the previous year 1 Quarter ending 30 th September of the previous year 2 Quarter ending 30 th December of the previous year 3 Quarter ending 30 th March of the previous year 4 (iii) After Form No. 10BBC , the following Form shall be inserted, namely :- Form 10BBD [See rule 2DCA] [e-form] Statement of eligible investment received 1. Name of the Assessee : 2. PAN/ AADHAAR : 3. Previous Year : Part A (details of eligible investments received, on or after the date of notification of the specified person, from (i) specified person or (ii) Alternative Investment Fund out of the investment of specified person) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... und (note D) (In Rs) * Amount of income to the specified person/ Alternative Investment Fund (In Rs) Nature of entity (note E) ** Name of the entity PAN of the entity (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) Part C [details of investments received from (i) specified person or (ii) Alternative Investment Fund listed in Part A, but the investment not covered in Part A Sl. No. Name of specified person/ Alternative Investment Fund, listed at Part A PAN of specified person/ Alternative Investment Fund Openi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the entity PAN of the entity (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) Declaration I, __________________________________________________________________ (Name in full and in block letters) son/daughter/wife ..on behalf of the ..(Name of Alternative Investment Fund, domestic company and non-banking finance company) __________________________ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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