## Policy Analysis Report: Notification No. 69/2022 - Income Tax Exemption for Sovereign Wealth Funds
**1. Executive Summary:**
This report analyzes Notification No. 69/2022, issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, concerning income tax exemption for Sovereign Wealth Funds (SWFs) investing in India. This notification specifies "Seventy Second Investment Company LLC" as an eligible entity under Section 10(23FE) of the Income-tax Act, 1961, subject to specific conditions. The core purpose is to facilitate and regulate investments by the designated SWF by outlining eligibility criteria and compliance requirements for availing tax exemption. The key findings are the stringent conditions imposed on the SWF regarding ownership, control, investment practices, and reporting obligations to maintain tax-exempt status.
**2. Introduction:**
This report aims to provide a detailed overview of Notification No. 69/2022, based solely on the text provided, for entities within or connected to the industry. It focuses on understanding the conditions and requirements imposed on "Seventy Second Investment Company LLC" to qualify for income tax exemption under Section 10(23FE) of the Income-tax Act, 1961.
**3. Policy Overview:**
* This notification pertains to Section 10(23FE) of the Income-tax Act, 1961.
* **Core Objective(s):** Based on the text, the core objectives are:
* To specify "Seventy Second Investment Company LLC" as an eligible Sovereign Wealth Fund (SWF) for tax exemption on investments in India under Section 10(23FE) of the Income-tax Act, 1961.
* To define the specific conditions and compliance requirements that the specified SWF must fulfill to maintain its eligibility for the tax exemption.
* To provide clarity and guidance on the operational aspects of Section 10(23FE) concerning eligible SWFs.
**4. Background and Rationale:**
This notification appears to be implementing provisions of Section 10(23FE) of the Income-tax Act, 1961, which aims to encourage investment in India by Sovereign Wealth Funds. The text suggests that specific SWFs must be formally "specified" to avail of the exemption and this notification serves that purpose for "Seventy Second Investment Company LLC". The detailed conditions included indicate concerns about ensuring genuine SWF status, preventing misuse of the exemption for private benefit, and protecting Indian investment interests.
**5. Key Provisions / Changes:**
This notification specifies "Seventy Second Investment Company LLC" as an eligible entity for tax exemption under Section 10(23FE) of the Income-tax Act, 1961, contingent upon meeting the following conditions:
* **Investment Timeline:** Investments must be made on or after the date of the notification's publication in the Official Gazette (June 27, 2022) but on or before March 31, 2024.
* **Filing of Return of Income:** The assessee must file its return of income for all relevant previous years, from the date of investment to the date of liquidation, before the due date specified under Section 139(1) of the Act.
* **Audit and Reporting:** The assessee must have its books of account audited by a qualified accountant and furnish the audit report in the prescribed format (Annexure to the notification) at least one month before the due date for filing the return of income under Section 139(1).
* **Quarterly Statements:** The assessee must furnish a quarterly statement electronically in Form II as annexed to Circular No 15 of 2020, dated the 22nd July, 2020 within one month from the end of each quarter.
* **Segmented Accounting:** The assessee must maintain a segmented account of income and expenditure for investments qualifying for exemption under Section 10(23FE).
* **Ownership and Control:** The assessee must remain wholly owned and controlled, directly or indirectly, by the Government of Abu Dhabi, with no other person having any ownership or control.
* **Regulation:** The assessee must continue to be regulated under the laws of the Government of the United Arab Emirates or the Government of Abu Dhabi, or both.
* **Earnings Credit:** The earnings of the assessee must be credited to the account of the Government of Abu Dhabi or any account designated by that Government, ensuring no benefit inures to any private person (except for payments to creditors/depositors for loans taken for purposes other than for making investment in India).
* **No Borrowings:** The assessee must not have any loan or borrowing, directly or indirectly, for the purposes of making investment in India.
* **Asset Vesting:** The assessee's assets must vest in the Government of Abu Dhabi upon dissolution (except for payments to creditors/depositors for loans taken for purposes other than for making investment in India).
* **Operational Involvement:** The assessee must not participate in the day-to-day operations of the investee (as defined in Explanation 2(i) to Section 10(23FE)), although monitoring mechanisms, including the right to appoint directors, are permitted.
* **Audit Report:** The notification provides an Annexure outlining the format for the audit report to be filed by the SWF, requiring detailed information on the assessee, compliance with conditions, and details of investments made.
**6. Target Audience and Stakeholders:**
Based on the text, the primary target audience is:
* Seventy Second Investment Company LLC (PAN: ABICS2676N).
* The Government of Abu Dhabi, as the owner and controller of the specified SWF.
* Accountants responsible for auditing the books of account of the specified SWF.
* The Central Board of Direct Taxes (CBDT) and other relevant government agencies involved in monitoring and enforcing the provisions of Section 10(23FE).
* Entities receiving investments from Seventy Second Investment Company LLC.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Central Board of Direct Taxes (CBDT) is the primary responsible body for implementing and monitoring the notification. The Department of Revenue, Ministry of Finance, is also involved in issuing the notification.
* **Timelines:**
* Investments must be made between June 27, 2022, and March 31, 2024.
* Returns of income must be filed by the due date specified under Section 139(1) of the Act.
* Audit reports must be furnished at least one month before the due date for filing the return of income under Section 139(1).
* Quarterly statements must be furnished within one month from the end of each quarter
* **Procedures:**
* The SWF must undergo a statutory audit by a qualified accountant.
* The SWF must file an audit report in the format prescribed in the Annexure to the notification.
* The SWF must maintain segmented accounts for income and expenditure related to the exempt investments.
**8. Expected Outcomes / Impact of Changes:**
* The likely intended outcome is to attract and facilitate investments from "Seventy Second Investment Company LLC" into India by providing a tax exemption framework. The stringent conditions aim to ensure that the exemption is used as intended and does not lead to misuse or private benefit. The conditions also protect the investment and align with the overall objectives of Section 10(23FE).
**9. Conclusion:**
Notification No. 69/2022 provides specific guidance and conditions for "Seventy Second Investment Company LLC" to avail income tax exemption under Section 10(23FE) of the Income-tax Act, 1961. The detailed provisions regarding ownership, investment practices, reporting, and compliance highlight the government's focus on regulating SWF investments to ensure they align with the intended policy objectives. The notification underscores the importance of compliance and transparency for the specified SWF to maintain its tax-exempt status.
Key Entities Referenced
Seventy Second Investment Company LLC: A sovereign wealth fund, identified by PAN: ABICS2676N, specified as a designated person for investment purposes in India.
Income-tax Act, 1961: The primary legislation governing income tax in India, referenced in the context of exemptions for sovereign wealth fund investments.
Central Government: The governing authority of India, responsible for specifying the sovereign wealth fund for tax exemption purposes.
India: The country in which the specified investment is made by the sovereign wealth fund.
Official Gazette: The official publication in which the notification regarding the sovereign wealth fund's designation is published.
Ministry of Finance: The Indian government ministry responsible for revenue and financial matters, including the Central Board of Direct Taxes.
Department of Revenue: A department within the Ministry of Finance, involved in taxation and revenue collection.
Central Board of Direct Taxes: A body under the Department of Revenue responsible for direct tax administration.
Government of Abu Dhabi: The governing body that owns and controls the Seventy Second Investment Company LLC.
United Arab Emirates: The country whose laws the Seventy Second Investment Company LLC is regulated under.
Circular No 15 of 2020: A circular issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes Tax Policy and Legislation Division, related to quarterly statement submission. Dated the 22nd July, 2020 with F. No. 370142262020TPL
Government of India Press, Ring Road, Mayapuri, New Delhi: Place where policy document was printed
Controller of Publications, Delhi: Publisher of the policy document
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-27062022-236859
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CG-DL-E-27062022-236859
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ऄसाधारण
EXTRAORDINARY
भाग II—खण् ड 3—ईप-खण्ड (ii)
PART II—Section 3—Sub-section (ii)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 2770] नइ ददल्ली, सोमिार, जनू 27, 2022/अर्षाढ़ 6, 1944
No. 2770] NEW DELHI, MONDAY, JUNE 27, 2022/ASHADHA 6, 1944
जित्त मंत्रालय
(राजस्ट्ि जिभाग)
(केंद्रीय प्रत्यक्ष कर बोडड)
ऄजधसचू ना
नइ ददल्ली, 27 जून, 2022
(अय-कर)
का.अ. 2910(ऄ).—केंद्रीय सरकार, अय-कर ऄजधजनयम, 1961 (1961 का 43) (जजसे आसमें आसके पश्चात ्
“ऄजधजनयम” कहा गया ह)ै के खंड (23चङ) के स्ट्पष्टीकरण 1 के खंड (ख) के ईपखंड (vi) द्वारा प्रदत्त िजियों का प्रयोग करते
हुए स्ट्ियंभ ू धन जनजध ऄथाडत् सेिंटी सेकंड आन्िेस्ट्टमेंट कंपनी एलएलसी (पैन:ABICS2676N) (जजसे आसम ें आसके पश्चात ्
“जनधाडररती” कहा गया ह)ै को, ईि खंड के प्रयोजनों के जलए ईसके द्वारा राजपत्र म ें आस ऄजधसूचना के प्रकािन की तारीख
को या ईसके पश्चात ् ककतु 31 माच,ड 2024 को या ईससे पूिड भारत म ें दकए गए जनिेिों (जजसे आसम ें आसके पश्चात ् “ईि
जनिेि” कहा गया ह)ै के संबंध में, जनम्नजलजखत ितों को पूरा करन े के ऄध्याधीन, जिजनर्ददष्ट व्यजि के रूप म ें जिजनर्ददष्ट करती
ह,ै ऄथाडत ् :--
(i) जनधाडररती, ईस तारीख स े प्रारंभ होने िाली तारीख, जजसको ईि जनिेि दकए गए ह,ैं स े ईस तारीख, जजसको
जनिेि पररसमाप्त दकए गए ह,ैं म ें अन े िाले सभी सुसंगत पूिडिती िर्षों के जलए ऄजधजनयम की धारा 139 की
ईपधारा (1) के ऄधीन अय की जििरणी प्रस्ट्तुत करन े की जिजनर्ददष्ट जनयत तारीख को या ईससे पूिड अय की
जििरणी फाआल करेगा।
4296 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
(ii) जनधाडररती खंड (i) म ें जनर्ददष्ट पूिडिती िर्षों के जलए ऄपनी लेखाबजहयों की लेखापरीक्षा ऄजधजनयम की धारा 288
की ईपधारा (2) के नीचे स्ट्पष्टीकरण म ें जिजनर्ददष्ट दकसी लेखपाल स े करिाएगा और आस ऄजधसूचना स े ईपाबद्ध
ऄनुबंध म ें ददए गए प्रारूप में ऄजधजनयम की धारा 139 की ईपधारा (1) के ऄधीन अय-कर की जििरणी प्रस्ट्तुत
करन े के जलए जिजनर्ददष्ट जनयत तारीख से कम स ेकम एक मास पूिड प्रस्ट्ततु करेगा ।
(iii) जनधाडररती एक त्रैमाजसक जििरण, प्रत्येक जतमाही के ऄंत स े एक मास के भीतर, पररपत्र सं. 2020 का 15, तारीख
22 जुलाइ, 2020 से ईपाबद्ध प्रारुप 2, जजसे जित्त मंत्रालय, राजस्ट्ि जिभाग, केंद्रीय प्रत्यक्ष कर बोडड (कर नीजत
और जिधान प्रभाग) द्वारा फा.स.ं 370142/26/2020-टीपीएल द्वारा जारी दकया गया था, म ें ईि जतमाही के
दौरान दकए गए प्रत्येक जनिेि के संबंध म ें आलैक्ट्राजनकी रूप म ेंजारी करेगा ।
(iv) जनधाडररती ऐसे जनिेिों के संबंध म,ें जो ऄजधजनयम की धारा 10 के खंड (23चङ) के ऄधीन छूट के जलए ऄर्हहत ह,ैं
के संबंध म ें अय और व्यय का खंडिार लेखा रखेगा ।
(v) जनधाडररती का अबू धाबी सरकार द्वारा प्रत्यक्षत: या ऄप्रत्यक्षत: स्ट्िाजमत्ि म ें रहना और जनयंजत्रत दकया जाना
जारी रहगे ा और जनधाडररती पर, दकसी भी समय, दकसी और व्यजि का, प्रत्यक्षत: या ऄप्रत्यक्षत: स्ट्िाजमत्ि या
जनयंत्रण नहीं होना चाजहए ।
(vi) जनधाडररती का संयुि ऄरब ऄमीरात की सरकार ऄथिा अबू धाबी की सरकार ऄथिा दोनों सरकारों के कानून के
ऄधीन जिजनयजमत होना जारी रहगे ा ।
(vii) जनधाडररती के ईपाजडनों का या तो अबू धाबी की सरकार के खाते म ें या ईस सरकार द्वारा मनोनीत दकसी ऄन्य
खाते म ें प्रत्यय दकया जाएगा तादक भारत म ें जनिेि करन े से जभन्न ऄन्य प्रयोजनों के जलए ऋण जलया या ईधार
[जैसा दक ऄजधजनयम की धारा 10 खंड (23चड) के स्ट्पष्टीकरण-2 के खंड (ii) के ईपखंड (क) म ें ऄजभप्रेत ह]ै के
जलए लेनदारों या जमाकताडओं को दकसी संदाय के जसिाय ईपाजडनों के दकसी भाग को दकसी प्राआिेट व्यजि को
नहीं ददया जाएगा ।
(viii) जनधाडररती के पास भारत म ें जनिेि करन े के प्रयोजन के जलए प्रत्यक्षत: या ऄप्रत्यक्षत: कोइ ऋण या ईधार [जैसा
दक ऄजधजनयम की धारा 10 खंड (23चड) के स्ट्पष्टीकरण-2 के खंड (ii) के ईपखंड (क) म ें ऄजभप्रेत ह]ै नहीं होगा।;
(ix) जनधाडररती की अजस्ट्त जिघटन पर भारत म ें जनिेि करन े स े जभन्न ऄन्य प्रयोजनों के जलए ऋण या ईधार के जलए
लेनदारों या जमाकताडओं को दकसी संदाय को छोड़कर अबू धाबी की सरकार म ेंजनजहत होगी और
(x) जनधाडररती जनिेि प्राप्तकताड [जैसा दक ऄजधजनयम की धारा 10 खंड 23(चड) के स्ट्पष्टीकरण-2 के खंड (i) म ें
ऄजभप्रेत ह]ै के ददन प्रजतददन के प्रचालनों म ें भाग नहीं लगे ा पंरत ु जनिेि प्राप्तकताड के साथ जनिेि की सरं क्षा के
जलए मॉनीटरी तंत्र को, जजसम ें जनदेिक या कायडपालक जनदेिकों को जनयुि करना सजममजलत ह,ै जनिेि प्राप्तकता ड
के ददन प्रजतददन के प्रचालनों म ें भाग लेना नहीं समझा जाएगा.
2. अय-कर ऄजधजनयम, 1961 की धारा 10 के खंड (23चङ) और आस ऄजधसूचना म ें यथा जनधाडररत दकसी
भी ित ड का ईल्लंघन जनधाडररती को कर छूट स े ऄयोग्य ठहराएगा ।
3. यह ऄजधसूचना सरकारी राजपत्र म ेंईसके प्रकािन की तारीख को प्रिृत्त होगी ।
ऄनबु धं
अय-कर ऄजधजनयम, 1961 की धारा 10 के ऄधीन छूट का दािा करन े िाली स्ट्ियंभू धन जनजध द्वारा फाआल की जाने िाली
लेखापरीक्षा ररपोट ड
भाग - I
*म/ैंहम ररपोट ड करत े ह ैं दक मैससड ………...........…………………. (जनधाडररती की स्ट्थायी लेखा संख्या या
अधार संख्या सजहत नाम और पता), जजनके ब्यौरे भाग II म ें दी गइ ह,ैं की कानूनी लेखापरीक्षा ऄजधसूचना स.ं ..... तारीख
......, जो राजपत्र म ें प्रकाजित की गइ थी, की ऄपेक्षाओं के ऄनुसार, *मेरे/हमारे/मैससड
…………………………………..………. द्वारा संचाजलत की गइ थी ।
2. *मेरी /हमारी राय में और *मेरी/हमारी सिोत्तम जानकारी के ऄनुसार तथा लेखा बजहयों की जांच के ऄनुसार,
जजसके ऄंतगतड सुसंगत दस्ट्तािेज *मुझे/हम ें ददए गए स्ट्पष्टीकरण भी ह,ैं यह प्रमाजणत दकया जाता ह ै दक जनधाडररती न े अय-
कर ऄजधजनयम, 1961 की धारा 10 के खंड (23चङ) म ें ईजल्लजखत सभी ितों और जनधाडररती को ईि खंड (23चङ) के[भाग II—खण् ड 3(ii)] भारत का राजपत्र : ऄसाधारण 3
ऄधीन छूट का दािा करन े के प्रयोजन के जलए स्ट्ियंभ ू धन जनजध के नात े जनधाडररती को जिजनर्ददष्ट व्यजि के रूप म ें जिजनर्ददष्ट
करन े िाली ऄजधसूचना म ेंईपबंजधत सभी ितों का ऄनुपालन दकया ह/ै नहीं दकया ह ै।
2.1 *िह ितें, जजनका जनधाडररती न ेऄनुपालन नहीं दकया ह,ै नीच ेददए ऄनुसार ह:ैं
(क)………………………….………………………………
(ख)………………………….………………………………
3. *मेरी/हमारी राय म ें और *मेरी/हमारी सिोत्तम जानकारी और लेखा बजहयों की परीक्षा, जजसके ऄंतगडत *मुझे/हम ें
ददए गए सुसंगत दस्ट्तािेज और स्ट्पष्टीकरण ह,ैं भाग II म ें ददए गए ब्यौरे जनम्नजलजखत पयडिेक्षणों, ऄहतड ाओं, यदद कोइ हों, के
ऄधीन रहत ेहुए सत्य और सही ह,ैं ऄथाडत ् :-
(क)….…………………………….………………………………
(ख)….…………………………….………………………………
भाग 2
1. जनधाडररती का नाम :
2. पैन/अधार :
3. पूिड िर्षड :
4. पूिड िर्षड के दौरान जनधाडररती की कुल अय
5. ऄजधजनयम की धारा 10 के खंड (23चङ) के ऄधीन छूट के जलए पात्र अय की कुल रकम (सारणी 11 की मद
स.ं 6 के ऄनुसार ब्यौरे) :
6. दकए गए जनिेि का ऄथिेर्ष (ऄथाडत ् पूिडिती जित्तीय िर्षड की ऄंजतम तारीख को ऄजतिेर्ष), जो धारा 10 के
खंड (23चङ) के ऄधीन छूट --------- (रु. म)ें के जलए पात्र ह,ै और ऄिजध के दौरान स्ट्ियंभू धन जनजध (एसडब्ल्यूएफ)
द्वारा के गए जनिेि के ब्यौरे, जनम्नुसार ह ैं:
क्रम जनिेि जनिेि जनिेि अय की िर्षड के ईस सत्ता के ब्यौरे जजसमें जनिेि दकया गया ह ै अय की रकम, जो
स.ं की की की प्रकृजत दौरान धारा 10 की खंड
सत्ता की नाम पैन सत्ता की प्रकृजत की कोड 3/4/5 की
तारीख रकम प्रकृजत (ऄनुदेि जनिेि (चङ) के ऄधीन छूट
प्रकृजत दिा में, क्ट्या सत्ता ने धारा 10 के खंड
(ऄनुदेि 5) पर अय की पात्र ह ै (सुसंगत
(ऄनुदेि (23चङ) के ईपखंड (iii) की मद (ग)
4) की रकम जनयमों के ऄनुसार
6) या मद (घ) या मद (ङ) में
संगणना िीट संलग्न
यथाऄपेजक्षत 50 या 75 या 90
करें)
प्रजतित न्यूनतम जनिेि दकया ह ै
(सुसंगत जनयमों के ऄनुसार संगणना
िीट संलग्न करें)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
1.
2.
योग4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
7. *एसडब्ल्यूएफ ने ऄजधजनयम की धारा 10 के खंड (23चङ) के ऄधीन छूट के प्रयोजनों के जलए ईस तारीख स े तीन
िर्षड की ऄिजध के ऄिसान स े पूिड जजसको ईि छूट के संबंध म ें जनिेि दकया गया ह,ै दकए गए दकन्हीं जनिेिों का जिक्रय
नहीं दकया ह/ै एसडब्ल्यूएफ ने ऄजधजनयम की धारा 10 के खंड (23चङ) के ऄधीन छूट के प्रयोजनों के जलए दकए गए
कजतपय जनिेिों का ईस तारीख स े तीन िर्षड की ऄिजध के ऄिसान स े पूिड जजसको ईि छूट के संबंध म ें जनिेि दकया गया ह,ै
दकए गए दकन्हीं जनिेिों का जिक्रय दकया ह,ै जजसके ब्यौरे नीचे ददए ऄनुसार ह ै:
क्रम जनिेि की जनिेि की अय की प्रकृजत िर्षड के दौरान ईस सत्ता के ब्यौरे जजसमें जनिेि दकया गया ह ै जिक्रय की
सं. तारीख प्रकृजत (ऄनुदेि (ऄनुदेि 5) जनिेि पर अय तारीख
4) की रकम सत्ता की प्रकृजत नाम पैन
(ऄनुदेि 7)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
1.
2.
योग
8. - एसडब्ल्यूएफ ऄजधजनयम की धारा 10 के खंड (23चङ) के ऄधीन छूट के प्रयोजनों के जलए ऄपेजक्षत सभी ितों
को पूरा करता ह,ै ऄथाडत,् -
क. क्ट्या एसडब्ल्यूएफ प्रत्यक्षतः या ऄप्रत्यक्षतः दसू रे दिे की सरकार के पूणड स्ट्िाजमत्ि और जनयंत्रण में है हां/नहीं
ख. दसू रे दिे की सरकार के नाम का िणडन करें जजसके स्ट्िाजमत्ि और जनयंत्रण में एसडब्ल्यूएफ प्रत्यक्षतः या
ऄप्रत्यक्षतः ह ै
ग. क्ट्या एसडब्ल्यूएफ प्रत्यक्षतः या ऄप्रत्यक्षतः दसू रे दिे की सरकार के स्ट्िाजमत्ि और जनयंत्रण में है प्रत्यक्षतः /
ऄप्रत्यक्षतः
घ. दसू रे दिे की सरकार द्वारा ऄप्रत्यक्षतः एसडब्ल्यूएफ का स्ट्िाजमत्ि और जनयंत्रण रखने की दिा म ें
स्ट्िाजमत्ि की श्ृंखला के ब्यौरे
ङ. ईस कानून का नाम जजसके ऄधीन एसडब्ल्यूएफ की स्ट्थापना की गइ ह ैऔर जिजनयजमत दकया जाता है
च. क्ट्या ईि जनजध से ऄजडनों का प्रत्यय या तो ईस दसू रे दिे की सरकार के खाते में दकया जाता है या ईस हां/नहीं
सरकार द्वारा मनोजनत दकसी ऄन्य खाते में दकया जाता ह ै जजसस े ऄजडनों के दकसी भाग स े दकसी प्राइिेट
व्यजि को कोइ फायदा न हों जसिाय भारत में जनिेि करने से जभन्न दकन्हीं प्रयोजनों के जलए लेनदारों या
जमाकताडओं द्वारा जलए गए ऋण या ईधारों के दकसी संदाय के जलए ।
छ. क्ट्या ईि जनजध की अजस्ट्त ईस दसू रे दिे की सरकार में जिघटन के ईपरांत जसिाय भारत में जनिेि करने से हां/नहीं
जभन्न दकन्हीं प्रयोजनों के जलए लेनदारों या जमाकताडओं द्वारा जलए गए ऋण या ईधारों के दकसी संदाय के
जलए जिजहत हो जाएगी ।[भाग II—खण् ड 3(ii)] भारत का राजपत्र : ऄसाधारण 5
ज. यदद (च) या (छ) का ईत्तर नहीं ह ैतो जनम्नजलजखत ब्यौरे द ें:
i. प्राइिेट व्यजि का नाम
ii. िर्षड के दौरान प्रदान दकए गए लाभ
झ. क्ट्या िह ऄजधजनयम की धारा 10 के खंड (23चङ) के स्ट्पष्टीकरण 2 की खण्ड(i) में यथा पररभाजर्षत दकसी हां/नहीं
व्यजि जजसके जलए जनिेि दकया गया ह,ै के ददन प्रजतददन के प्रचालनों म ें भाग लेता ह,ै जसिाय िह व्यजि
जजसके पास जनिेि दकया गया ह,ै जनिेि की संरक्षा करने के दकसी तंत्र की मानीटरी करने के, जजसके
ऄंतगडत जनदिे क या कायडपालक जनदिे क जनयुि करने का ऄजधकार है
ञ. यदद (झ) का ईत्तर हां है, तो जनम्नजलजखत ब्यौरे दें :
i. जजसके पास जनिेि दकया गया है, का नाम
ii. जजसके पास जनिेि दकया गया है, का पैन
iii. जजसके पास जनिेि दकया गया है, के पास िर्षड के ऄंत में जनिेि की रकम
ट. क्ट्या ईसने ईसके द्वारा भारत में दकए गए जनिेि के ब्यौरों की पररपत्र सं. 15/2020 तारीख हां/नहीं
22.07.2020 द्वारा जारी प्रारूप सं. 2 म ेंसंसूचना की ऄपेक्षा की ऄनुपालना की है
ठ. क्ट्या ईसके पास भारत में जनिेि करने के प्रयोजनों के जलए प्रत्यक्षतः या ऄप्रत्यक्षतः धारा 10 के खंड हां/नहीं
(23चङ) के स्ट्पष्टीकरण 2 की खण्ड(ii) म ेंयथापररभाजर्षत ऋण या ईधार ह ै
ड. यदद (ठ) का ईत्तर हां में है, तो जनम्नजलजखत ब्यौरे द:ें
(i) ईस व्यजि का नाम जजससे पैसा ऋण या ईधार जलया गया है
(ii) िर्षड के प्रारंभ में ऋण या ईधार की रकम
(iii) िर्षड के दौरान प्राप्त ऋण या ईधार की रकम
(iv) िर्षड के दौरान पुनः संदत्त ऋण या ईधार की रकम
(v) िर्षड के ऄंत में ऋण या ईधार की रकम
ढ. क्ट्या ऐसे जनिेि के संबंध में, जो ऄजधजनयम की धारा 10 के खंड (23चङ) के ऄधीन छूट के जलए ऄर्हहत हां/नहीं
होता ह,ै अय और जनिेि के जलए पृथक खंडिार लेखा रखा गया है ।
स्ट्थान : ……………
तारीख : ……………
**(हस्ट्ताक्षर और हस्ट्ताक्षरकता डकी स्ट्टेंप/मुहर)
हस्ट्ताक्षरकता ड का नाम …………………..
पूरा पता ………………………….……
सदस्ट्यता स.ं ……………………….……
यूडीअइएन……………………..………
ऄनदु ेि: 1. *जो लाग ू न हों, ईसे काट दें ।6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
2. † यह ररपोट ड दकसी ऄजधजनयम की धारा 288 की ईपधारा (2) के नीच े ददए गए स्ट्पष्टीकरण म ें यथा पररभाजर्षत
दकसी लेखपाल द्वारा दी जानी ह ै ।
3. *“जजसके पास जनिेि दकया गया ह”ै का िहीं ऄथ ड होगा जो ईसका ऄजधजनयम की धारा 10 के खंड (23चङ) के
स्ट्पष्टीकरण 2 के खंड (i) म ें ह ैं और “ऋण और ईधार” का िहीं ऄथ ड होगा जो ईसका ऄजधजनयम की धारा 10 के खंड
(23चङ) के स्ट्पष्टीकरण 2 के खंड (ii) के ईपखंड (क) म ें ह।ैं
4. जनम्नजलजखत म ें स े दकसी एक कोड का चयन दकया जाना ह ै:
जनििे की प्रकृजत कोड
ईधार 1
सामय (आदिटी) 2
ऄजधमानी िेयर 3
ऄन्य (कृपया जिजनर्ददष्ट करें) 4
5. जनम्नजलजखत म ें स े दकसी एक कोड का चयन दकया जाना ह:ै
अय की प्रकृजत कोड
ब्याज 1
लाभांि 2
पूंजी ऄजभलाभ 3
ऄन्य 4
6. जनम्नजलजखत म ें स े दकसी एक कोड़ का चयन दकया जाना ह:ै
सत्ता की प्रकृजत जजसम ेंजनििे दकया गया ह ै कोड
ऄजधजनयम की धारा 10 के खंड (23चङ) के ईपखंड (iii) की मद (क) म ेंजनर्ददष्ट कारोबार न्यास 1
ऄजधजनयम की धारा 10 के खंड (23चङ) के ईपखंड (iii) की मद (ख) म ेंजनर्ददष्ट कंपनी या ईपक्रम या सत्ता 2
ऄजधजनयम की धारा 10 के खंड (23चङ) के ईपखंड (iii) की मद (ग) म ें जनर्ददष्ट िैकजल्पक जनिेि जनजध 3
ऄजधजनयम की धारा 10 के खंड (23चङ) के ईपखंड (iii) की मद (घ) म ें जनर्ददष्ट घरेल ू कंपनी 4
ऄजधजनयम की धारा 10 के खंड (23चङ) के ईपखंड (iii) की मद (ङ) म ें जनर्ददष्ट ऄिसंरचना जित्त कंपनी/ 5
ऄिसंरचना ऋण जनजध-एनबीएफसी
[ऄजधसूचना स.ं 69/2022 /फा.स.ं 500/SWF1/S10(23FE)/FT&TR-II-ऄंि.3]
ऄपूिड जतिारी, ऄिर सजचि[भाग II—खण् ड 3(ii)] भारत का राजपत्र : ऄसाधारण 7
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 27th June, 2022
(INCOME-TAX)
S.O. 2910(E).—In exercise of powers conferred by sub-clause (vi) of clause (b) of the Explanation 1 to
clause (23FE) of section 10 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the “Act”),
the Central Government hereby specifies the sovereign wealth fund, namely, Seventy Second Investment
Company LLC (PAN: ABICS2676N), (hereinafter referred to as “the assessee”) as the specified person for
the purposes of the said clause in respect of the 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 31st day of March, 2024
(hereinafter referred to as “said investments”) subject to the fulfilment of the following conditions,
namely:-
(i) the assessee shall file 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 sub-section (1) of section 139 of the Act;
(ii) the assessee shall get its books of account audited for the previous years referred to in clause (i) by
any accountant specified in the Explanation below sub-section (2) of section 288 of the Act and
furnish the Audit Report in the format annexed as Annexure to this notification herewith at least
one month prior to the due date specified for furnishing the return of income under sub-section (1)
of section 139 of the Act;
(iii) the assessee shall furnish a quarterly statement within one month from the end of each quarter
electronically in Form II as annexed to Circular No 15 of 2020, dated the 22nd July, 2020 with F.
No. 370142/26/2020-TPL, issued by the Ministry of Finance, Department of Revenue, Central
Board of Direct Taxes (Tax Policy and Legislation Division), in respect of each investment made
by it during the said quarter;
(iv) 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;
(v) the assessee shall continue to be owned and controlled, directly or indirectly, by the Government of
Abu Dhabi, and at no point of time should any other person have any ownership or control, directly
or indirectly, in the assessee;
(vi) the assessee shall continue to be regulated under the laws of the Government of the United Arab
Emirates or the Government of Abu Dhabi or both;
(vii) the earnings of the assessee shall be credited either to the account of the Government of Abu Dhabi
or to any other account designated by that Government so that no portion of the earnings inures any
benefit to any private person, barring any payment made to creditors or depositors for loan taken or
borrowing [as defined in sub-clause (a) of clause (ii) of Explanation 2 to clause (23FE) of section
10 of the Act] made for purposes other than for making investment in India;
(viii) the assessee shall not have any loan or borrowing [as defined in sub-clause (a) of clause (ii) of
Explanation 2 to clause (23FE) of section 10 of the Act], directly or indirectly, for the purposes of
making investment in India;
(ix) the asset of the assessee shall vest in the Government of Abu Dhabi upon dissolution, barring any
payment made to creditors or depositors for loan taken or borrowing for purposes other than for
making investment in India; and
(x) the assessee shall not participate in the day-to-day operations of investee (as defined in clause (i) of
Explanation 2 to clause (23FE) of section 10 of the Act), but any monitoring mechanism to protect
the investment with the investee, including the right to appoint directors or executive director, shall
not be considered as participation in the day-to-day operations of the investee.8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
2. 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.
3. This notification shall come into force from the date of its publication in the Official Gazette.
ANNEXURE
Audit Report to be filed by the Sovereign Wealth Fund claiming exemption under of
section 10 of the Income -tax Act, 1961
Part I
*I/we report that the statutory audit of M/s. ………...........…………………. Name and address of the
assessee with Permanent Account Number or Aadhaar Number), the particulars of which are given in Part
II was conducted by *me/ us/ M/s. …………………………………………..………. as per the requirement
under the Notification No …../…… dated ……… published in the Official Gazette on ……....
2. In *my/ our opinion and to the best of *my/ our information and according to examination of books of
account including other relevant documents and explanations given to*me/us, it is certified that the
assessee *has/ has not complied with the conditions as laid down under clause (23FE) of section 10 of the
Income-tax Act, 1961 and those provided in the said notification specifying the assessee being the
Sovereign Wealth Fund as specified person for the purposes of claiming exemption under the said clause
(23FE).
2.1 *The conditions not complied with by the assessee are as under:-
(a) …………………………….…………………………….………………………………
(b) …………………………….…………………………….………………………………
3. In *my/our opinion and to the best of *my/ our information and according to examination of books of
account including other relevant documents and explanations given to *me/us, the particulars given in the
Part II are true and correct subject to the following observations/qualifications, if any, namely:-
(a) …………………………….…………………………….………………………………
(b) …………………………….…………………………….………………………………
Part II
1. Name of the Assessee :
2. PAN/AADHAAR :
3. Previous Year :
4. Total Income of the Assessee during the previous year :
5. Amount of income eligible for exemption under clause
(23FE) of section 10 of the Income-tax Act, 1961
(as per details in column 11 of table at item no.6) :
6. The opening balance (i.e. the closing balance as on the last date of the preceding financial year) of
the investment made which is eligible for exemption under clause (23FE) of section 10 is
_____________(in rupees) and details of the investment by the Sovereign Wealth Fund (SWF) during the
period are as under:
Sl. Date of Amount Nature of Nature of Amount of Details of the entity in which Investment made Amount of
No. investment of investment income income on income which
investmen (Instruction (Instruction investment Nature of Name PAN In case nature is eligible for
4) 5) during the entity of entity code is exemption
year (instruction 3/4/5, whether under clause
6) the entity has (23FE) of
made minimum section 10
investment of (Attach
50 or75 or 90 calculation
percent as sheet as per
required in item relevant
(c) or (d) or (e) rules)
of sub-clause
(iii) of clause
(23FE) of[भाग II—खण् ड 3(ii)] भारत का राजपत्र : ऄसाधारण 9
section 10
(Attach
calculation
sheet as per
relevant rules)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
1.
2.
Total
7.*the SWF has not sold any of the investments made for the purposes of exemption under clause
(23FE) of section 10 of the Act before the expiry of three years from the date on which the investment was
made in respect of the said exemption/the SWF has sold certain investments made for the purposes of
exemption under clause (23FE) of section 10 of the Act before the expiry of three years from the date on
which the investment was made in respect of the said exemption, the details of which are as under:
Sl. No. Date of Nature of Nature of Amount of Details of the entity in which Date of
investment investment income income on Investment made sale
(Instruction (Instruction investment
4) 5) during the
year
Nature of Name PAN
entity
(instruction
7)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
1.
2.
Total
8. The SWF satisfies all the conditions required for the purposes of exemption under clause (23FE) of
section 10 of the Act, that is, -
(a) Whether the Government of foreign country wholly owns and controls the SWF, directly or Yes/No
indirectly
(b) Mention the name of the Government of foreign country which owns and controls the SWF,
directly or indirectly
(c) Whether the Government of foreign country owns and controls the SWF, directly or indirectly Directly/
Indirectly
(d) If the Government of foreign country owns and controls the SWF indirectly, give details of the
chain of ownership
(e) Name of the law(s) under which the SWF is set up and regulated
(f) Whether the earnings of the said fund are credited either to the account of the Government of Yes/No
that foreign country or to any other account designated by that Government so that no portion
of the earnings inures any benefit to any private person, barring any payment made to creditors
or depositors for loan taken or borrowing made for purposes other than for making investment
in India.
(g) Whether the asset of the said fund vests in the Government of such foreign country upon Yes/No
dissolution, barring any payment made to creditors or depositors for loan taken or borrowing
made for purposes other than for making investment in India.10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
(h) If answer to (f) or (g) is No, then provide the following details:
i. Name of such private person
ii. Amount of benefit provided during the year
(i) Whether it participates in the day to day operations of any of the investee, as defined in clause Yes/No
(i) of Explanation 2 to clause (23FE) of section 10, barring any monitoring mechanism to
protect the investment with the investee including the right to appoint directors or executive
director
(j) If answer to (i) is yes, then provide the following details:
i. Name of such investee
ii. PAN of the investee
iii. Amount of investment in such investee at the end of the year
(k) Whether it has complied with the requirement of intimation of the details of investment made Yes/No
by it in India in Form No II issued vide circular No 15/2020 dated 22.07.2020
(l) Whether it has loans or borrowings, as defined in sub-clause(a) of clause (ii) Explanation 2 to Yes/No
clause (23FE) of section 10 of the Act, directly or indirectly, for the purposes of making
investment in India
(m) If answer to (l) is yes, then provide the following details:
(i) Name of the person from whom such loan or borrowing has been taken
(ii) Amount of loan or borrowing at the beginning of the year
(iii) Amount of loan or borrowing received during the year
(iv) Amount of loan or borrowing repaid during the year
(v) Amount of loan or borrowing at the end of the year
(n) Whether separate segmented account is maintained for income and investment in respect of Yes/No
investment which qualifies for exemption under clause (23FE) of section 10 of the Act
Place: ……………
Date: ……………
**(Signature and stamp/ Seal of the signatory)
Name of the signatory …………………
Full address ……………………………
Membership No………………………
UDIN………………………………..
Instructions: 1. *Delete whichever is not applicable.
2.** This report is to be given by an accountant as defined in the Explanation below sub-section (2) of
section 288 of the Act.
3. An “investee” shall have the same meaning as in clause (i) to Explanation 2 to clause (23FE) of section
10 of the Income-tax Act, 1961 and “loan and borrowing” shall have the same meaning as in sub-clause (a)
of clause (ii) of Explanation 2 to clause (23FE) of section 10 of the Act.
4. One of the following codes is to be selected:
Nature of Investment Code
Debt 1
Equity 2
Preference Shares 3
Others (Please specify) 4[भाग II—खण् ड 3(ii)] भारत का राजपत्र : ऄसाधारण 11
5. One of the following codes is to be selected:
Nature of Income Code
Interest 1
Dividend 2
Capital Gains 3
Others 4
6. One of the following codes is to be selected:
Nature of entity in which investment is made Code
Business Trust referred to in item (a) of sub-clause (iii) of clause (23FE) of section 10 of 1
the Act
Company or enterprise or entity referred to in item (b) of sub-clause (iii) of clause (23FE) 2
of section 10 of the Act
Alternative Investment Fund referred to in item (c) of sub-clause (iii) of clause (23FE) of 3
section 10 of the Act
Domestic company referred to in item (d) of sub-clause (iii) of clause (23FE) of section 10 4
of the Act
Infrastructure Finance Company/Infrastructure Debt Fund-NBFC referred to in item (e) of 5
sub-clause (iii) of clause (23FE) of section 10 of the Act
[Notification No. 69/2022/F. No. 500/SWF1/S10(23FE)/FT&TR-II-Pt. 3]
APOORV TIWARI, Under Secy.
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.