The Central Board of Direct Taxes (CBDT) on November 01, 2023, issued a notification specifying the pension fund, namely, BPC Penco XVII Corporation (PAN: AALCB4169R), as the specified person in respect of the eligible investment made by it in India on or after November 01, 2023, but on or before the March 31, 2024.
The following conditions must be fulfilled namely: -
• The assessee shall file the 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
• The assessee shall furnish along with such return a certificate in Form No. 10BBC in respect of compliance during the financial year
• 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.
• The assessee shall maintain a segmented account of income and expenditure in respect of such investment which qualifies for exemption
Violation of any of the conditions shall render the assessee ineligible for the tax exemption.
This notification shall come into force on November 01, 2023.
[Notification No. S.O. 4755(E)]
