The CBDT vide Notification No. 50/2022 dated May 6, 2022 has issued the Income-Tax Amendment (Thirteenth Amendment) Rules, 2022 to further amend the Income-Tax Rules, 1962 (“the IT Rules”) w.r.t. exclusion of income from the total income, which is in the nature of dividend, interest or long-term capital gains arising from an infrastructure investments by Sovereign Wealth Funds (“SWFs”) and pension funds, made in India between April 1, 2020 and March 31, 2024, whether in the form of debt or share capital or unit under Section 10 (23FE) of the Income-tax Act, 1961 (“the IT Act”), in a following manner:
- New Rule 2DCA of the IT Rules has been introduced to prescribe the manner of computation of minimum investment and exempt income for the purposes of Section 10(23FE) of the IT Act.
- Substituted Form No. 10BBB for intimation by the pension fund of investment under Section 10(23FE) of the IT Act.
- Substituted Form No. 10BBC w.r.t. certificate of accountant in respect of compliance to Section 10(23FE) of the IT Act by the notified pension fund.
- New Form No. 10BBD has been introduced w.r.t. statement of eligible investment received.
The Notification can be accessed at: https://egazette.nic.in/WriteReadData/2022/235602.pdf
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