The Central Board of Direct Taxes (CBDT) on October 13, 2023, issued a notification regarding the pension fund, namely, the Stichting Pensioenfonds ABP (PAN: AACCS2647E).
The following has been stated: -
•In exercise of the powers conferred by sub-clause (iv) of clause (c) of Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 the Central Government specifies the pension fund, namely, the Stichting Pensioenfonds ABP (PAN: AACCS2647E), as the specified person for the purposes of the said clause in respect of the eligible investment made by it in India on or after the date of publication of this notification in the Official Gazette but on or before the March 31, 2024 subject to the fulfillment of the following conditions, namely:-
(i)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.
(ii)The assessee shall furnish along with such return a certificate in Form No. 10BBC in respect of compliance with 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, as per the provisions of clause (vi) of rule 2DB of the Income–tax Rules, 1962.
(iii)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.
(iv)The assesse 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 clause (23FE) of section 10 of the Act and this notification shall render the assessee ineligible for the tax exemption.
•This notification shall come into force from October 13, 2023.
The detailed notification is attached in the document given below.
[Notification No. S.O. 4501(E)]
