**Executive Summary**
The Ministry of Finance has notified the Social Protection Fund (SPF) of Oman as a "specified person" for tax exemptions on eligible investments made in India between July 15, 2026, and March 31, 2030. To maintain this status, the fund must adhere to strict reporting requirements, including quarterly disclosures and annual compliance certifications. Failure to comply with the stipulated conditions will render the fund ineligible for tax exemptions under the Income-tax Act, 2025.
**Key Points / Main Content**
**Investment Eligibility and Timeline**
* The exemption applies to eligible investments made in India on or after the notification date (July 15, 2026) and on or before March 31, 2030.
* The Social Protection Fund (SPF) is identified by PAN: ABOCS3010J.
**Reporting and Documentation Requirements**
* **Annual Returns:** The assessee must file income tax returns for all relevant years by the specified due dates.
* **Compliance Certification:** A compliance certificate in Form 176, issued by a qualified accountant, must be submitted alongside the tax returns.
* **Quarterly Intimations:** Details of each investment made in India must be submitted in Form 175 within one month from the end of each quarter.
* **Account Maintenance:** The fund must maintain segmented accounts for income and expenditure specifically related to investments qualifying for the exemption.
**Operational and Regulatory Conditions**
* **Regulation:** The SPF must remain regulated under the laws of the Government of Oman.
* **Fund Utilization:** Earnings and assets must be used exclusively to meet statutory obligations and defined contributions for participants (e.g., retirement, social security, disability benefits).
* **Private Benefit Prohibition:** No portion of the fund’s earnings or assets may benefit any private person.
* **Debt Restrictions:** The fund must not have any direct or indirect loans or borrowings for the purpose of making investments in India.
**Management and Control**
* **Operational Independence:** The SPF is prohibited from participating in the day-to-day operations of any investee entity.
* **Monitoring Rights:** The fund may implement monitoring mechanisms to protect its investment, including appointing directors or executive directors; these actions are not considered day-to-day participation.
**Impact Analysis**
**Social Protection Fund (SPF), Oman**
**Impact**
The SPF gains tax-exempt status for its Indian investments, provided it operates within the defined regulatory framework.
**Action Required**
The fund must establish segmented accounting, ensure no borrowings are used for Indian investments, and strictly follow the quarterly (Form 175) and annual (Form 176) filing timelines.
**Investee Entities in India**
**Impact**
These entities can receive investment from the SPF but will be subject to monitoring by the fund's appointed directors or oversight mechanisms.
**Action Required**
Entities must coordinate with the SPF to facilitate monitoring mechanisms that do not cross into "day-to-day" operational management.
**Income Tax Department / Central Board of Direct Taxes (CBDT)**
**Impact**
The department is responsible for overseeing the SPF’s compliance with the Income-tax Act, 2025, and this specific notification.
**Action Required**
The department must process the SPF’s returns and forms (175 and 176) to verify continued eligibility for tax exemptions.
Key Entities Referenced
Central Board of Direct Taxes (CBDT): The regulatory authority within the Ministry of Finance responsible for issuing this notification and overseeing the administration of direct taxes.
Government of Oman: The regulatory jurisdiction under whose laws the Social Protection Fund must continue to be governed to maintain its Indian tax-exempt status.
Income Tax Rules, 2026: The rules defining compliance requirements, including the submission of Form 175 and Form 176 for reporting investment details and tax returns.
Social Protection Fund (SPF): A pension fund designated as a 'specified person' eligible for tax exemptions on qualified investments made in India until March 2030.
Income-tax Act, 2025: The primary legislation under which the Central Government exercise powers to grant tax-exempt status and specify conditions for eligible investments.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
ससीी..जजीी..--डडीी..एएलल..--अअ..--1155007722002266--227744552233
CCGG--DDxLLx--xEEG--I11D55H00x77x22x00 2266--227744552233
xxxGIDExxx
असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (ii)
PART II—Section 3—Sub-section (ii)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 3727] नई दिल्ली, बधु िार , िुलाई 15, 2026/आषाढ 24, 1948
No. 3727] NEW DELHI, WEDNESDAY, JULY 15, 2026/ASHADHA 24, 1948
जित्त मत्रं ालय
(रािस्ट्ि जिभाग)
(केंद्रीय प्रत्यक्ष कर बोडड)
अजधसचू ना
नई दिल्ली, 15 िुलाई, 2026
(आयकर)
का.आ. 3890(अ).— आयकर अजधजनयम, 2025 (एतजममन ्पश्चात जिसे ‘उक्त अजधजनयम’ स ेसंिर्भडत दकया गया
ह ै दक धारा 11 के साथ पठित अनुसूची V [ताजलका: क्रम सख्ं या 7. नोट 5(क)(iii)(घ)], के तहत प्रित्त िजक्तयों का प्रयोग
करते हुए केंद्र सरकार, एतिद्वारा, पिें न फंड अथाडत ् सामाजिक सुरक्षा कोष (एसपीएफ) (पैन: ABOCS3010J) (एतजममन ्
पश्चात जिस े ‘जनधाडठरती’ के रूप म ें संिर्भडत दकया गया ह)ै को जनजिजलजखत ितों के पूरा होने के अध्याधीन, इस अजधसूचना
के सरकारी रािपत्र म ें प्रकाजित होन े की तारीख को या उसके बाि, लेदकन 31 माच,ड 2030 को या उसके पहले, भारत म ें
दकए गए दकसी पात्र जनिेि (एतजममन ् पश्चात जिस े उक्त जनििे स ेसंिर्भडत दकया गया ह)ै के संबंध म ेंउक्त खंड के प्रयोिन के
जलए जििेष व्यजक्त के रूप में जिजनर्िडष्ट करती ह,ै यथा:-
(क) जनधाडठरती जपछले सभी प्रासंजगक िषों, िो दक उस अिजध के भीतर होंगे िो दक उस तारीख स े प्रारंभ होगी
जिस तारीख को ऐसा पात्र जनिेि दकया गया हो और उस तारीख को समाप्त होगी जिस तारीख को ऐसा जनिेि पठरसमाप्त
5404 GI/2026 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
होता हो, स ेसंबंजधत ठरटनड उस जनधाडठरत तारीख को या उसके पहले िो दक उक्त अजधजनयम की धारा 263 (1)(ग) के अंतगडत
जिजनर्िडष्ट हो, िाजखल करेगा और आयकर जनयमािली, 2026 के जनयम 282 के खंड 1(झ) के प्रािधानों के अनुसार, ऐस े
ठरटनड के साथ-साथ धारा 515 (3)(ख) म ेंयथा जनर्िडष्ट दकसी लखे ाकार स ेफाम ड176 म ेंप्राप्त अनुपालन प्रमाण-पत्र भी प्रस्ट्ततु
करेगा ह;ै
(ख) जनधाडठरती दकसी जतमाही के िौरान अपन े द्वारा दकए गए प्रत्येक जनिेि का ब्यौरा ऐसी जतमाही के समाप्त होन े
के एक महीने के भीतर आयकर जनयमािली, 2026 के जनमय 282 के खंड 1(ि) के प्रािधानों के अनुसार, फाम ड स.ं 175 म ें
सूजचत करेगा;
(ग) जनधाडठरती अपने द्वारा दकए गए ऐसे जनिेि, िो दक उक्त अजधजनयम की अनुसूची V (ताजलका) क्रम संख्या 7 के
अतंगतड छूट का पात्र ह,ै स े संबंजधत आय और व्यय का अलग-अलग लेखा रखगे ा।
(घ) जनधाडठरती ओमान सरकार के कानूनों के तहत जिजनयजमत होता रहगे ा।
(ङ) जनधाडठरती पर िैधाजनक उत्तरिाजयत्िों को पूरा करने और भागीिारों या लाभानुभोजगयों के जलए सेिाजनिृजत्त,
सामाजिक सुरक्षा, रोिगार, जिकलांगता, मृत्य ु परक लाभ और अन्य मआु ििे दिए िान े के जलए स्ट्थाजपत एक या एक स े
अजधक कोष या योिनाओं के सचं ालन की और इसम ेंजनधाडठरत अंििान के जलए पठरसंपजत्तयों के जनिेि की जिम्मेिारी होगी;
(च) जनधाडठरती की आय और पठरसंपजत्त का उपयोग केिल िैधाजनक उत्तरिाजयत्िों को पूरा करन े और खडं (ङ) म ें
संिर्भडत कोषों और योिनाओं के भागीिारों या लाभानुभोजगयों के जलए जनधाडठरत अंििान के जलए ही दकया िाना चाजहए
और ऐसी पेंिन कोष की आय और पठरसंपजत्तयों का कोई भी जहस्ट्सा दकसी जनिी व्यजक्त के लाभ के जलए प्रयोग नहीं दकया
िाना चाजहए: केिल उस भुगतान को छोड़कर िोदक भारत म ेंजनिेि दकए िाने स ेजभन्न अन्य उद्देमय के जलए ऋण या उधारी
(अनुसूची V [उक्त अजधजनयम, की ताजलका: क्रम संख्या 7(क). नोट 5(ग) म ें यथा पठरभाजषत) के जलए दकया गया हो;
(छ) भारत म ें जनिेि दकए िाने के जलए जनधाडठरती के पास प्रत्यक्ष या अप्रत्यक्ष रूप स े कोई ऋण या उधारी
(अनुसूची V [उक्त अजधजनयम, की ताजलका: क्रम संख्या 7(क) नोट 5(ग) म ें यथा पठरभाजषत) नहीं होना चाजहए; तथा
(ि) जनधाडठरती जनिेजिकी के दिन-प्रजतदिन के संचालन म ेंभाग नहीं लगे ा [िैसा दक अनुसूची V म ें[उक्त अजधजनयम,
की ताजलका: क्रम संख्या 7 नोट 5(क)(iii)(ग) म ेंयथा पठरभाजषत ह]ै के दिन-प्रजतदिन के काय डम ेंकोई जहस्ट्सा नहीं लेगा लेदकन
जनधाडठरती म ें दकए गए जनिेि के संरक्षण के जलए जनगरानी तंत्र का प्रयोग,जिसके तहत जिसम ें जनिेिकों या अजधिासी
जनिेिकों की जनयक्तु ी का अजधकार भी आता ह ै को जनिेजिकी के दिन-प्रजतदिन के कायड म ें भागीिारी के रूप म ें नहीं माना
िाएगा।
2. उक्त अजधजनयम की अनुसूची V [ताजलका: क्रम संख्या 7] म ें जनधाडठरत दकसी भी ित ड और इस अजधसूचना के
उल्लघं न स ेजनधाडठरती कर छूट के जलए अपात्र हो िायगे ा।
3. यह अजधसूचना सरकारी रािपत्र म ें अपन े प्रकािन की तारीख स े लाग ू होगी।
[अजधसूचना स.ं 84 /2026/ फा.सं. 500/पीएफ-15/एस10(23एफई)/एफटीएंडटीआर-II]
मयामा सिी, अिर सजचि[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3
MINISTRY OF FINANCE
(Department Of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 15th July, 2026
(INCOME-TAX)
S.O. 3890(E).— In exercise of the powers conferred by Schedule V [Table: Sl. No. 7. Note 5(a)(iii)(D)] read
with section 11 of the Income-tax Act,2025 (hereinafter referred to as the said Act), the Central Government hereby
specifies the pension fund, namely, Social Protection Fund(SPF) (PAN: ABOCS3010J) (hereinafter referred to as the
assessee) 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 31st day of March,
2030 (hereinafter referred to as the said investments) subject to the fulfilment of the following conditions, namely:-
(a) the assessee shall file returns of income, for all relevant previous years falling in the period beginning from the date
on which an eligible investment has been made, and ending on the date on which such investment is liquidated, on or
before the due date specified under section 263(1)(c) of the said Act and furnish a compliance certificate in Form 176
from an accountant as defined in section 515(3)(b) along with such return, as per the provisions of clause 1(h) of rule
282 of the Income Tax Rules,2026;
(b) 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. 175, as per provisions of clause 1(g) of Rule 282 of the Income Tax
rules,2026;
(c) the assessee shall maintain a segmented account of income and expenditure in respect of such investments which
qualifies for exemption under Schedule V(Table. Sl No.7) of the said Act.
(d) the assessee shall continue to be regulated under the laws of the Government of Oman;
(e) the assessee shall be responsible for administering or investing the assets for meeting the statutory 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;
(f) the earnings and assets of the assessee should be used only for meeting statutory obligations and defined contributions
for participants or beneficiaries of funds or plans referred to in clause (e) 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 creditors or depositors for
loan taken or borrowing (as defined in Schedule V [Table: Sl. No. 7. Note 5(c)] to the said Act) for the purposes other
than for making investment in India;
(g) the assessee shall not have any loans or borrowings (as defined in Schedule V [Table: Sl. No. 7. Note 5(c)] to the
said Act), directly or indirectly, for the purposes of making investment in India; and
(h) the assessee shall not participate in the day-to-day operations of investee (as defined in Schedule V
[Table: Sl. No. 7. Note 5(a)(iii)(C)] to the said Act) but the 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.
2. Violation of any of the conditions stipulated in Schedule V [Table: Sl. No. 7] of said Act and this notification shall
render the assessee ineligible for the tax exemption.
3. This notification shall come into force on the date of its publication in the Official Gazette.
[No. 84/2026/F.No. 500/PF-15/S10(23FE)/FT&TR-II]
SYAMA SAJI, 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.