Notification No.43/2021

CBDT notifies that Investment made in India by the pension fund, namely, the CDPQ Fixed Income XI Inc., the Caisse de dépôt et placement du Québec, the Ivanhoe Logistics India Inc. (referred to as “Assessee”) shall be eligible to claim exemption on or before 31st March 2024 subject to fulfillment of the following conditions.

  1. The assessee shall file a return of income, for all the relevant previous years falling within the period beginning from the date in 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 subsection (1) of section 139 of the Act;
  2. The assessee shall furnish along with such return a certificate in Form No. 10BBC in respect of compliance to the provisions of clause (23FE) of section 10 of the Act, during the financial year, from an accountant as defined in the Explanation below sub-section (2) of section 288 of the Act and as per the provisions of clause (vi) of rule 2DB of the Income-tax Rules, 1962;
  3. The assessee shall intimate the details in respect of each investment made by it in India during the quarter within one month from the end of the quarter in Form No. 10BBB as per the provisions of clause (v) of rule 2DB of the Income-tax Rules, 1962;
  4. The assessee shall maintain a segmented account of income and expenditure in respect of such investment which qualifies for exemption under clause (23FE) of section 10 of the Act;

Violation of any of the conditions as stipulated in the clause (23FE) of section 10 of the Act and this notification shall render the assessee ineligible for the tax exemption.