Date: 2021-04-26Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by sub clause iii of clause c of Explanation 1 to the clause 23FE of section 10 read with section 295 of the Income tax Act
## Policy Analysis Report: Income-tax 11th Amendment Rules, 2021
**1. Executive Summary:**
This report analyzes the Income-tax 11th Amendment Rules, 2021, as detailed in the provided notification. This amendment modifies the Income-tax Rules, 1962, specifically addressing provisions related to investments made by pension funds under Section 10(23FE) of the Income-tax Act, 1961. The key change involves a relaxation of certain conditions for pension funds related to the nature of assets invested and the earnings generated from those assets, provided specific criteria related to government ownership are met. The amendment aims to facilitate investments by foreign government-backed pension funds in India by easing restrictions where the investments and earnings ultimately benefit the foreign government.
**2. Introduction:**
The purpose of this report is to provide an informative analysis of the Income-tax 11th Amendment Rules, 2021, based solely on the provided government notification. The analysis focuses on understanding the amendment's objectives, key changes, and potential impact.
**3. Policy Overview:**
* **Original Policy Being Amended:** The Income-tax Rules, 1962.
* **Core Objective(s):** To amend the Income-tax Rules, 1962, specifically in relation to Section 10(23FE) of the Income-tax Act, 1961. The specific provision relates to investments by pension funds and seeks to clarify and potentially relax conditions under which these funds can operate in India.
**4. Background and Rationale:**
The amendment likely seeks to address concerns or limitations within the existing rules that may have hindered investments by certain foreign pension funds, specifically those backed by foreign governments. The amendment appears to be designed to create a more favorable environment for these types of investments by relaxing conditions related to asset ownership and earnings usage where the underlying assets and earnings ultimately benefit the foreign government. This suggests a policy goal of attracting more foreign investment from government-backed pension funds.
**5. Key Provisions / Changes:**
This amendment introduces changes to Rule 2DB of the Income-tax Rules, 1962 and Form 10BBA.
* **Change 1 (Rule 2DB):**
* **Specific Part Changed:** Rule 2DB of the Income-tax Rules, 1962. Specifically, after clause (ii) and clause (iii).
* **New Rule/Provision:**
* A proviso is inserted after clause (ii) stating that the condition in clause (ii) shall be deemed satisfied regarding assets being administered or invested if: (a) the value of such assets is not more than 10% of the total value of assets administered or invested by the fund, (b) such assets are wholly owned directly or indirectly by the government of a foreign country, and (c) such assets vest in the government of the foreign country upon dissolution.
* A further proviso is inserted after clause (iii) stating that the provisions of clause (iii) shall not apply to earnings from assets described in the proviso of clause (ii) if the earnings are credited either to the account of the government of that foreign country or to any other account designated by that government, ensuring that no portion of the earnings benefits any private person.
* **Difference/Effect:** This change relaxes the restrictions on the types of assets a pension fund can invest in, and how earnings are used, specifically allowing for a portion of the assets (up to 10%) to be wholly owned by a foreign government, provided that the assets vest in that government upon dissolution and that the earnings ultimately benefit the government (or a designated account), not any private person.
* **Change 2 (Form 10BBA):**
* **Specific Part Changed:** Appendix II of the Income-tax Rules, 1962, specifically Form No. 10BBA.
* **New Rule/Provision:** Form No. 10BBA, which is the "Application for notification under subclause (iv) of clause (c) of Explanation 1 to the clause (23FE) of section 10 of the Income-tax Act, 1961 Pension Fund", is substituted with a new form. The new form requires the applicant to declare whether they adhere to the conditions established in Rule 2DB.
* **Difference/Effect:** Updates the application form to reflect the changes made to Rule 2DB and includes specific certifications related to foreign government ownership, asset vesting, and earnings usage.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders are:
* Foreign pension funds, particularly those with government backing, seeking to invest in India under Section 10(23FE) of the Income-tax Act, 1961.
* The governments of foreign countries that own or control these pension funds.
* The Central Board of Direct Taxes (CBDT) and the Ministry of Finance, responsible for implementing and overseeing the tax regulations.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Central Board of Direct Taxes (CBDT) is the primary body responsible for implementing these rules. The notification is issued under their authority.
* **Timelines/Procedures:** The amendment came into force from the date of its publication in the Official Gazette (April 26, 2021). Pension funds seeking to avail of the relaxed conditions will need to comply with the new provisions and utilize the updated Form No. 10BBA when applying for notification. The form should be submitted to The Member Legislation, CBDT (for financial year 2020-2021) or The Member Having control over the Foreign Tax and Tax Research Division (for other financial years).
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of these changes are:
* Increased investment in India by foreign government-backed pension funds due to the relaxed conditions.
* Simplification of compliance for qualifying foreign pension funds by clarifying asset ownership and earnings usage requirements.
* Greater clarity and certainty for both the pension funds and the tax authorities regarding the application of Section 10(23FE).
* Potentially boosting the Indian economy.
**9. Conclusion:**
The Income-tax 11th Amendment Rules, 2021, represents a targeted effort to facilitate investments by foreign government-backed pension funds in India. By relaxing certain conditions related to asset ownership and earnings usage, the amendment aims to attract greater foreign investment while ensuring that the benefits ultimately accrue to the foreign government. The updated Form No. 10BBA further streamlines the application process for qualifying pension funds. This amendment signals a continued effort to refine and improve the regulatory environment for foreign investment in India.
Key Entities Referenced
Central Board of Direct Taxes: A government organization under the Department of Revenue, Ministry of Finance.
Income-tax Act, 1961: The primary legislation governing income tax in India.
Incometax Rules, 1962: The rules framed under the Incometax Act, 1961.
Incometax 11th Amendment Rules, 2021: Amendments to the Incometax Rules, 1962.
Official Gazette: The official government publication for notifications and rules.
Form No. 10BBA: Application for notification under subclause iv of clause c of Explanation 1 to the clause 23FE of section 10 of the Incometax Act, 1961.
Pension Fund: An entity making investment in terms of clause 23FE of section 10 of the Incometax Act, 1961
CBDT: Central Board of Direct Taxes
Foreign Tax and Tax Research Division: Division under which application is being made
Financial Year 2020-2021: Financial year for which application is being made to Member Legislation
Section 10: Section of the Incometax Act, 1961.
New Delhi: Location of Ministry of Finance
Mayapuri, New Delhi: Location of Government of India Press
Delhi: Location of Controller of Publications
KAMLESH CHANDRA VARSHNEY: Jt. Secy.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-26042021-226764
xxxGIDHxxx
CG-DL-E-26042021-226764
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असाधारण
EXTRAORDINARY
भाग II—खण्ड 3—उप-खण्ड (i)
PART II—Section 3—Sub-section (i)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 233] नई दिल्ली, सोमिार, अप्रलै 26, 2021/िैिाख 6, 1943
No. 233] NEW DELHI, MONDAY, APRIL 26, 2021/VAISAKHA 6, 1943
जित्त मंत्रालय
(रािस्ट् ि जिभाग)
(केंद्रीय प्रत्य क्ष कर बोडड)
अजधसचू ना
नई दिल् ली, 26 अप्रैल, 2021
आय-कर
सा.का.जन. 291(अ).—केंद्रीय प्रत् यक्ष कर बोडड, आय-कर अजधजनयम, 1961 (1961 का 43) की धारा 295 के
साथ पठित धारा 10 के खंड (23चङ) के स्ट्प ष् टीकरण के खंड (ग) के उपखंड (iii) द्वारा प्रित् त िज तयों का प्रयोग करते हुए,
आयकर जनयम, 1962 का और संिोधन करने के जलए जनम्न जलजखत जनयम बनाता ह,ै अथाडत् :--
1. संजक्षप् त नाम और प्रारंभ—(1) इन जनयमों का संजक्षप् त नाम आयकर (ग्यारहि ें संिोधन ) जनयम, 2021 ह ै।
(2) ये रािपत्र में उनके प्रकािन की तारीख से प्रिृत् त होंग े ।
2. आयकर जनयम, 1962 (जिस े इसमें इसके पश्च ात् मूल जनयम कहा गया ह)ै जनयम 2घक में,--
(i) खंड (ii) के पश्च ात्, जनम् नजलजखत परंतुक अंत:स्ट्थ ाजपत दकए िाएंगे, अथाडत ् :--
“बित े खंड (ii) में पठरसंपजियों के सम्बंध में िते जनिेि या जनिजे ित हुई प्रतीत होती ह।ै यदि जनम्नजलजखत ितें
पूरी की िाती हो :-
(क) ऐसी जनजध द्वारा जनिजे ित अथिा जनिेजित पठरसंपजियों का कुल मूल्य 10 प्रजतित से अजधक न हो।
2395 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(ख) ऐसी पठरसंपजियााँ पूरी तरह से प्रत्यक्ष या परोक्ष रूप से जिििे ी सरकार के स्ट्िाजमत्ि में हो ;
(ग) ऐसी पठरसंपजियााँ जिििे ी सरकार के ऊपर जिघटन में जनजहत हो ।”;
(iii) खंड (ii) के परंतुक के पश् चात्, जनम् नजलजखत परंतुक अंत:स्ट्थ ाजपत दकए िाएंगे,अथाडत ् :--
“आगे यह भी व्यिस्ट्था की िाती ह ै की खंड (iii) के उपबंध खंड (ii) के परंतुक में संिर्भडत पठरसंपजियो से होने
िाली आय पर लाग ू नहीं हो यदि उक्त आय जिििे ी सरकार के खात े में अथिा सरकार द्वारा धाठरत दकसी अन्य
खात े में िमा की गयी ह।ै तादक दकसी जनिी व्यजक्त को आय का कोई भी भाग दकसी अन्य लाभ के जलए प्रभाजित
न हो। 3. मूल जनयम में जनयम 2घग में, उप जनयम (1) में “स्ट्पष्टीकरण” िब्ि के स्ट्थान पर, “स्ट्पष्टीकरण 1” िब्ि
और अंक रख े िाएंगे;”
4. मूल जनयम में पठरजिष्ट 2 म ें प्ररूप सं. 10खखक के स्ट्थान पर जनम्नजलजखत प्ररूप रखा िाएगा, अथाडत ् :--
“प्ररूप स.ं 10खखक
[िखे ें जनयम 2घग, उपजनयम (1)]
आय-कर अजधजनयम, 1961 की धारा 10 के खडं (23चङ ) के स्ट्पष्टीकरण 1 के खडं (ग) के उपखडं (iv) के अधीन
अजधसचू ना के जलए आिेिन
(पिें न जनजध)
सेिा में,
सिस्ट्य (जिधान), केंद्रीय प्रत्यक्ष कर बोडड (जिि िर्ड 2020-2021 के िौरान आिेिन के जलए)**/सिस्ट्य (जिििे ी
कर और कर अनुसंधान प्रभाग पर जनयंत्रण रखने िाला) (अन्य जिि िर्ड के िौरान आिेिन के जलए)**
महोिया/महोिय,
आिेिक एक पेंिन जनजध ह ै और आय-कर अजधजनयम, 1961 की धारा 10 के खंड (23चङ) के जनबंधनों में
जिजनधान करने का इच्छुक ह,ै अत: इसजलए यह अनुरोध ह ै दक आिश्यक अजधसूचना िारी की िाए, जिसके ब्यौरे नीच े
दिए अनुसार ह ै:--
(क) पेंिन जनजध का नाम
(ख) पेंिन जनजध का पता
(ग) जनिास के ििे की कर पहचान संख्या
(घ) जनिास का ििे
(ङ) स्ट्थायी लेखा संख्या (पैन)
2. यह प्रमाजणत दकया िाता ह ैदक,--
(क) ........... (कृपया जिििे के नाम का िणडन करें, जिसके अंतगडत उसके दकन्हीं रािनीजतक घटकों िैसे
प्रििे /राज्य/स्ट्थानीय जनकाय आदि सजम्मजलत ह)ैं की जिजध के अधीन सृजित या स्ट्थाजपत और उस जिजध के
अधीन जिजनयजमत पेंिन जनजध ;
(ख) पेंिन जनजध ऊपर (क) में िर्णडत जिििे में कर से िायी नहीं ह ै या यदि कर के जलए िाई ह ै तो, इसकी सभी
आयों को कराधान से छूट ऐसे जिििे द्वारा प्रिान की गई ह ै ;
(ग) पेंिन जनजध कानूनी बाध्यताओं को चुकाने के जलए आजस्ट्तयों का प्रिासन करने और एक या अजधक जनजधयों या
सेिाजनिृजि, सामाजिक सुरक्षा, जनयोिन, जन:िक्तता, मृत्यु फायिों या इसी प्रकार के समान प्रजतकर का,
यथाजस्ट्थजत, ऐसी जनजधयों या योिनाओं के सहभाजगयों या फायिाग्राजहयों को उपबंध करने के जलए पठरभाजर्त
अंििायों के जलए उिरिायी होगा/पठरसंपजियों का कुल मूल्य पेन्िन जनजध द्वारा जनिेजित या जनिजे ित िस
प्रजतित से अजधक न हो । जनिेि की गयी योिनाओं के अजतठरक्त अन्य स्ट्थाजपत योिनाओं, सेिाजनिृजि,
सामाजिक सुरक्षा, रोिगार, दिव्यांगता, मृत्यु होन े पर जमलन े िाले लाभ अथिा अन्य समरूप प्रजतपूर्तड
प्रजतभाजगयों या लाभार्थडयों के जलए ऐसी जनजध योिनाएाँ और ऐसी पठरसंपजियां प्रत्यक्ष या परोक्ष पूण ड रूप से
जिििे ी सरकार ((क) पर िर्णडत) के स्ट्िाजमत्ि में हो तथा इस तरह जिििे ी सरकार के ऊपर जिघटन में जनजहत
ह।ै (िो लाग ू नहीं हो उस े काट ि)े ;[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3
(घ) पेंिन जनजध के अिडनों और आजस्ट्तयों का उपयोग केिल कानूनी बाध्यताओं और ऊपर (ग) में जनर्िष्टड जनजधयों या
योिनाओं के सहभाजगयों या फायिाग्राजहयों के जलए पठरभाजर्त अंििायों को चुकाने के जलए दकया िाएगा
तथा भारत में जिजनधान करने से जभन्न प्रयोिनों के जलए लेनिारों या िमाकताडओं को दकए गए संिाय या
भारत में जिजनधान करने से जभन्न प्रयोिनों हते ु जलए गए श्रणों या उधाठरयों का ििडन करते हुए पेंिन जनजध के
अिडनों या आजस्ट्तयों का कोई भाग दकसी अन्य प्राइिेट व्यजक्त के जलए दकसी फायि े के जलए उपयोग नहीं दकया
िाएगा/पेन्िन जनजध की आय ि सम्पजि स्ट्थाजपत योिनाओं के अजतठरक्त अन्य योिनाओं सेिाजनिृजि,
सामाजिक सुरक्षा, रोिगार, दिव्यांगता, मृत्यु होन े पर जमलन े िाल े लाभ अथिा अन्य समरूप योिनाओं में
लाभार्थडयों या प्रजतभाजगयों को प्रजतपूर्तड जिििे ी सरकार के या सरकार द्वारा नाजमत दकसी अन्य खाते। [ (क)
पर िर्णडत] में िमा दकया िाता ह ै तादक आय का कोई भी भाग दकसी जनिी व्यजक्त को लाभाजन्ित नहीं करता
हो।; (िो लाग ू नहीं हो उस े काट ि)े और
(ङ) पेंिन जनजध जिजनधान प्राप्तकताड से जिजनधान को संरजक्षत करने िाली दकसी मानीटरी दियाजिजध, जिसके
अंतगडत जनििे कों या कायडपालक जनििे क की जनयुक्त करने का अजधकार भी है, ििडन करते हुए जिजनधान
प्राप्तकताड के जलए दिन प्रजतदिन के प्रचालन में भाग नहीं लेती ह ै।
3. पूिड दकए गए िािों के समथडन म ें जनम्नजलजखत िस्ट्तािेि उपाबद्ध ह ैं:
(क) पेंिन जनजध का गिन करने िाले िस्ट्तािेि और उनमें पश्चातिती संिोधन, और
(ख) कोई अन्य सुसंगत िस्ट्तािेि या सूचना ।
सत्यापन*
म,ैं ……………… पुत्र/पुत्री/पत्नी** श्री ....................... सत्यजनष्ठा से घोजर्त करती ह ं दक मेरी सिोिम िानकारी और
जिश्वास के अनुसार इस आिेिन और उपाबंधों और िस्ट्तािेिों, यदि कोई हों, िो इसके साथ ह,ैं में िी गई सूचना सही और
पूण ड ह ैतथा उसमें िी गई जिजिजष्टयों का सही कथन दकया गया ह ै।
2. मैं, यह और घोजर्त करता ह ं दक मेरी सिोिम िानकारी के अनुसार; मैंने कोई तथ्य या सूचना को नहीं जछपाया
ह,ै िो इस आिेिन से सुसंगत हो सकती ह ै।
3. मैं, यह भी घोजर्त करता ह ं दक मैं यह आिेिन ................... की क्षमता (पिनाम) में कर रहा ह ं और मेरा
पैन/आधार** नंबर ................. ह ैंतथा मैं यह आिेिन करने के जलए सक्षम ह ंऔर मैं इसका सत्यापन करता ह ं।
तारीख ................... को सत्याजपत ।
स्ट्थान ................
हस्ट्ताक्षर .............
नाम ..................
ठटप् पण: 1. ** िो लागू न हो उसको काट ि ें।
2. * आय-कर अजधजनयम, 1961 की धारा 140 के अधीन आय-कर की जििरणी को सत्याजपत करने के जलए सक्षम व्यजक्त
द्वारा हस्ट्ताक्षर दकए िाने ह ैं।
3. ^ “जिजनधान प्राप्तकता”ड का िही अथड होगा िो आय-कर अजधजनयम, 1961 की धारा 10 के खंड (23चङ) के स्ट्पष्टीकरण
2 के खंड (i) में उसका ह ै।
4. ¥ “श्रण या उधाठरयों” का िही अथड होगा िो आय-कर अजधजनयम, 1961 की धारा 10 के खंड (23चङ) के स्ट्पष्टीकरण
2 के खंड (ii) के उप खंड (ख) म ें उनका ह ै।”
[अजधसूचना संख्या 37/2021/फा.सं. 370142/28/2020 टी पी एल]
कमलेि चंद्र िाष्णेय, संयुक्त सजचि
ठटप्पण: मूल जनयम भारत के रािपत्र, असाधारण, भाग 3, खंड 3, उपखंड (ii) में अजधसूचना संख्या का.आ. 969 तारीख
26 माचड, 1962 द्वारा प्रकाजित दकए गए थ े और अजधसूचना संख्या सा.का.नी. 274(अ) तारीख 15 अप्रैल,
2021 द्वारा उनमें अंजतम संिोधन दकया गया ।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 26th April, 2021
INCOME-TAX
G.S.R. 291(E).—In exercise of the powers conferred by sub-clause (iii) of clause (c) of Explanation 1 to the
clause (23FE) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of
Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. Short title and commencement. - (1) These rules may be called the Income-tax (11th Amendment) Rules,
2021.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 2DB,-
(i) after clause (ii), the following proviso shall be inserted, namely:−
“Provided that the condition in clause (ii) shall be deemed to have been satisfied with respect to assets
being administered or invested, if the following conditions are satisfied; namely:-
(a) value of such assets is not more than ten per cent. of the total value of the assets administered or
invested by such fund;
(b) such assets are wholly owned directly or indirectly by the Government of a foreign country; and
(c) such assets vests in the Government of such foreign country upon dissolution.”;
(ii) after the proviso to clause (iii), the following proviso shall be inserted, namely:-
“Provided further that the provisions of clause (iii) shall not apply to earning from the assets referred to
in the proviso of clause (ii), if the said earning are credited either to the account of the Government of
that foreign country or to any other account designated by such Government so that no portion of the
earnings inures any benefit to any private person;”
3. In the principal rules, in the APPENDIX II, for Form No. 10BBA the following Form shall be substituted,
namely:-
“Form No. 10BBA
[See sub-rule (1) of rule 2DC]
Application for notification under sub-clause (iv) of clause (c) of Explanation 1 to the clause (23FE) of section
10 of the Income-tax Act, 1961
(Pension Fund)
To,
The Member (Legislation), CBDT (For application during Financial Year 2020-2021)**/
The Member (Having control over the Foreign Tax and Tax Research Division) (For application during other
financial year)**
Madam/Sir,
The applicant is a Pension Fund and interested in making investment in terms of clause (23FE) of section 10
of the Income-tax Act, 1961 and therefore, it is requested that necessary notification may kindly be issued, the details
for which are as under:
(a) Name of the Pension Fund :
(b) Address of the Pension Fund :[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 5
(c) Tax Identification Number of the country of residence :
(d) Country of residence :
(e) Permanent Account Number (PAN) :
2.. It is hereby certified that-
(a) the Pension Fund is created or established under the law of _____________ (please mention the name of the
foreign country including any of its political constituents like province/state/local body etc.) and is regulated
under that law;
(b) the Pension Fund is not liable to tax in the foreign country mentioned at (a) above or if liable to tax,
exemption from taxation for all its income has been provided by such foreign country;
(c) the Pension Fund is responsible for administering or investing the assets for meeting the statutorily
obligations and defined contributions of one or more funds or plans established for providing retirement,
social security, employment, disability, death benefits or any similar compensation to the participants or
beneficiaries of such funds or plans, as the case may be/not more than ten per cent. of the total value of the
assets administered or invested by the Pension Fund are invested in plans other than the plans established for
providing retirement, social security, employment, disability, death benefits or any similar compensation to
the participants or beneficiaries of such funds or plans and such assets are wholly owned directly or indirectly
by the Government of the foreign country mentioned at (a) and upon dissolution vests in the Goverment of
such foreign country ( strike off which ever is not applicable);
(d) the earnings and assets of the Pension Fund are used only for meeting statutory obligations and defined
contributions for participants or beneficiaries of funds or plans referred to in (c) above and no portion of the
earnings or assets of the pension fund inures any benefit to any other private person barring any payment
made to the creditors or depositors or loan or borrowing taken for purposes other than for making investment
in India/the earning and assets of the Pension Fund from plans other than the plans established for providing
retirement, social security, employment, disability, death benefits or any similar compensation to the
participants or beneficiaries of such funds or plans are credited either to the account of the Government of
the foreign country mentioned at (a) or to any other account designated by such Government so that no
portion of the earnings inures any benefit to any private person; (strike off whichever is not applicable) and
(e) the Pension Fund does not participate in the day to day operations of investee ^ barring any monitoring
mechanism to protect the investment with the investee including the right to appoint directors or executive
director .
3. In support of the claims made above, the following documents are attached:
(a) documents constituting the Pension Fund and any later amendment thereto, and
(b) any other relevant document or information.
Verification*
I, __________________________, son/daughter/wife** of Shri ______________________, solemnly
declare that to the best of my knowledge and belief, the information given in this application and the annexures and
documents, if any, accompanying it are correct and complete and particulars shown therein are truly stated.
2. I further declare that to the best of my knowledge; I have not concealed any fact or information which could
be relevant for this application.
3. I also declare that I am making this application in my capacity as __________ (designation) and that I am
holding PAN/Aadhaar** _____ and I am competent to make this application and verify it.
Verified today the ___________ day of ______________
Place __________
(Signature) ________________
Name ________________6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
Notes: 1. **Delete whichever is not applicable.
2. *To be signed by the person competent to verify the return of income under section 140 of the Income-tax Act,
1961.
3.^ An “investee” shall have the same meaning as in clause (i) of Explanation 2 to clause (23FE) of section 10 of the
Income-tax Act, 1961.
4. ¥ loan and borrowing shall have the same meaning as in sub-clause (b) of clause (ii) of Explanation 2 to clause
(23FE) of section 10 of the Income-tax Act, 1961.”.
[Notification No. 37/2021/F. No. 370142/28/2020-TPL]
KAMLESH CHANDRA VARSHNEY, Jt. Secy.
Note: The principal rules were published in the Gazette of India Extraordinary, Part III, section 3, sub-section (ii),
vide notification number S.O. 969(E), dated the 26th March, 1962 and last amended vide notification number
G.S.R. 274 dated the 15th April, 2021.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.