TMI BlogIncome of a specified person arising from an investment made in India - Sovereign wealth fund Norges Bank On Account Of The Government Pension Fund Global notfied as the specified person.X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 annexed as Annexure to this notification herewith at least one month prior to the due date specified for furnishing the return of income under sub-section (1) of section 139 of the Act; (iii) the assessee shall furnish a quarterly statement within one month from the end of each quarter electronically in Form II as annexed to Circular No 15 of 2020, dated the 22nd July, 2020 with F. No. 370142/26/2020-TPL , issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (Tax Policy and Legislation Division), in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ory audit of M/s. ........... . (Name and address of the assessee with Permanent Account Number or Aadhaar Number), the particulars of which are given in Part II was conducted by *me/ us/ M/s. .. . as per the requirement under the Notification No ../ dated published in the Official Gazette on .... 2. In *my/ our opinion and to the best of *my/ our 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 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) . . (b) . . 3. In *my/our opinion and to the best of *my/ our information and according to examination of books of account including other r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total 7.*the SWF has not sold any of the investments made for the purposes of exemption under clause (23FE) of section 10 of the Act before the expiry of three years from the date on which the investment was made in respect of the said exemption/the SWF has sold certain investments made for the purposes of exemption under clause (23FE) of section 10 of the Act before the expiry of three years from the date on which the investment was made in respect of the said exemption, the details of which are as under: Sl. No. Date of investment Nature of investment ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yment 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 said fund vests in the Government of such foreign country upon dissolution, 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 (h) If answer to (f) or (g) is No, then provide the following details: i. Name of such private person ii. Amount of benefit provided during the year (i) Whether it participates in the day to day operations of any of the investee, as defined in clause (i) of Explanation 2 to clause (23FE) of section 10 of the Act, barring any monitoring mechanism to protect the investment with the investee including the right to appoint directors or executive director Yes/No (j) If answer to (i) is yes, then provide the following details: i. Name of such investee ii. PAN of the investee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Code Interest 1 Dividend 2 Capital Gains 3 Others 4 6. 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 4 Infrastructure Finance Company/Infrastructure Debt Fund-NBFC referred to in item (e) of sub-clause (iii) of clause (23FE) of section 10 of the Act 5 [F. No. 500/SWF5/S10(23FE)/FT TR-II(Pt. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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